Crude futures moved slightly down Thursday after fluctuating between 120 and 127 U.S. dollars a barrel, due to mixed news on global supply and demand.
Light, sweet crude for June delivery lost 10 cents to close at 124.12 dollars a barrel on the New York Mercantile Exchange after shooting to 126.64 dollars and plunging to 120.75 dollars later during the day.
Oil prices opened high Thursday morning as European Union's statistics office confirmed an accelerating economic growth in the region in the first quarter, signaling European fuel demand will rise.
The U.S. Energy Department said in a report that natural gas supplies rose 93 billion cubic feet last week. And the U.S. Senate approved legislation that strengthens oversight of electronic energy trading. When the news hit the market, oil prices retreated and stabled around 124 dollars.
OPEC cut its 2008 global oil demand forecast for a second time in three months. Turmoil in global financial markets is to blame for record oil prices, rather than a shortage of supply, Saudi Arabia's Oil Minister Ali al-Naimi said in Seoul on Thursday.
In London, Brent crude futures for June delivery settled at 121.25 dollars a barrel, trading down 61 cents.
Source:Xinhua
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