Oil Prices Fall After Spike
Thursday, July 16, 2009 at 3:32 pm
LONDON: New York’s main futures contract, light sweet crude for delivery in August, dropped 38 cents to 61.16 dollars a barrel.
Brent North Sea crude for August delivery retreated 39 cents to 62.70 dollars a barrel. The contract will expire at the end of trading on Thursday.
Oil prices had closed with a gain of more than two dollars on Wednesday, lifted by a drop in US crude inventories.
The Department of Energy said US crude oil reserves had sunk by 2.8 million barrels in the week ended July 10 as refineries stepped up production.
The data also showed that distillate inventories, including gasoline and diesel fuel, which had increased for months, rose less than expected.
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