Crude Oil prices drop below $129 per barrel
Posted by handrecord on May 28, 2008
Crude oil prices were lower Tuesday, falling below $129 even though there was news of supply disruptions from several regions of the world.
In Nigeria, more bombings of pipelines disrupted supply while there was an unexpected shutdown of a drilling platform in the North Sea and reports from Mexico said that crude production was down by 13 percent there in April.
The declines came on demand concerns; last week the US Energy Department said that fuel consumption was down 1.3 percent in the week ending 16 May, from the same period last year.
At-the-pump prices for gasoline in the United States was still up overnight, but only slightly.
Unleaded regular gasoline was up 0.1 percent to a record $3.937 per gallon on average nationwide, while diesel also hit a new record at $4.768 per gallon according to AAA and the Oil Price Information Service, but the gains were smaller than recent overnight price rises.
At right around the close of floor trade on the New York Mercantile Exchange, West Texas Intermediate crude for July delivery had dropped $3.34 to $128.85 per barrel, while Brent crude was recently down $4.20 to $128.17 per barrel.
Nymex June gasoline was down a cent to $3.38 per gallon while July heating oil dropped 2 cents to $3.84 per gallon and July natural gas was 6 cents lower to $11.92 per million British thermal units.
Article source: http://www.oilmarketer.co.uk/2008/05/27/crude-prices-drop-below-129-per-barrel/
provided by: http://www.natunaislands.com, Oil and Gas Information Center
