By Mark Shenk May 11 (Bloomberg) -- Crude oil fell on speculation thatlast week’s 10 percent advance will be undone as U.S.inventories climb and fuel consumption declines.
Oil followed equity markets lower today, reversing gainsmade last week after the U.S. economy lost fewer jobs thanexpected. Crude inventories rose to the highest since 1990 inthe week ended May 1 as fuel consumption tumbled, an EnergyDepartment report showed on May 6. “With stock markets down, it’s hard to argue that theeconomy is getting better,” said Peter Beutel , president ofCameron Hanover Inc., an energy consulting company in NewCanaan, Connecticut. “Last week’s supply and demand numberspoint to lower prices.” Crude oil for June delivery fell 13 cents to settle at$58.50 a barrel at 2:49 p.m. on the New York MercantileExchange. The contract dropped as much as $1.85, or 3.2 percent,to $56.78 today. Prices are up 31 percent this year.
Full Story: Crude Oil Falls on Higher US Stockpiles, Lower Fuel Demand - Bloomberg
Oil followed equity markets lower today, reversing gainsmade last week after the U.S. economy lost fewer jobs thanexpected. Crude inventories rose to the highest since 1990 inthe week ended May 1 as fuel consumption tumbled, an EnergyDepartment report showed on May 6. “With stock markets down, it’s hard to argue that theeconomy is getting better,” said Peter Beutel , president ofCameron Hanover Inc., an energy consulting company in NewCanaan, Connecticut. “Last week’s supply and demand numberspoint to lower prices.” Crude oil for June delivery fell 13 cents to settle at$58.50 a barrel at 2:49 p.m. on the New York MercantileExchange. The contract dropped as much as $1.85, or 3.2 percent,to $56.78 today. Prices are up 31 percent this year.
Full Story: Crude Oil Falls on Higher US Stockpiles, Lower Fuel Demand - Bloomberg
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