Oil fell for a second day in New York after an increase in U.S. crude and gasoline inventories raised concern fuel demand has yet to recover.
Crude oil declined the most in a month yesterday as an Energy Department report showed that U.S. gasoline stockpiles climbed 1.62 million barrels last week, the Energy Department said.
The weekly average oil price of the Organization of Petroleum Exporting Countries (OPEC) reached 72.21U.S. dollars per barrel last week, the highest point of this year, OPEC said Monday.
After hovering for six weeks, OPEC weekly average oil price exceeded 70 dollars to 72.21 dollars. In addition, it also registered the largest weekly increase, which was up...
The average price of crude oil during the week enama above USD $ 70, until this week crude oil prices have reached USD $ 72.21. The increase in crude oil prices keep hope of crude oil demand may rise. But some observers worry, crude oil prices would make it difficult global economic recovery.
Crude oil for November delivery reached $75.15 on the New York Mercantile Exchange, highest mark since October last year. The price fell back to $74.86 later during the trading session.
Currently, the dollar is at a 14-month low, bolstering crude prices. Heating oil futures ended high for the fourth straight day in a row. Even Gasoline futures closed up for the second day consecutively.
