Oil prices continued to fall on Thursday as the U.S. gasoline inventory dropped less than expected, signaling a cooling domestic demand for fuel.
Light, sweet crude for October delivery fell 1.46 dollars to settle at 107.89 dollars a barrel on the New York Mercantile Exchange, refreshing the lowest settlement price for since early April.
The U.S. Energy Department reported Thursday that the gasoline stocks fell by 1 million barrels to 194.4 million barrels for the week ending August 29, less than the 1.8 million-barrel drop analysts had expected; crude and distillate fuel stockpiles dropped unexpectedly while the market had predicted both to increase.
Traders took the figures as signs of a slowing demand for fuel as weak economic conditions had forced consumers to cut expenses. Demand concerns has made crude lose about 26 percent from its record price 147.27 dollars a barrel reached on July 11.
On Thursday, restart of some of the oil operations in the Gulf of Mexico also eased pressure from crude futures.
In London, Brent crude for October delivery fell 1.76 dollars to settle at 106.30 dollars a barrel on the ICE Futures Exchange.
Source:Xinhua
|
Comment
Tell A Friend
Print Format
Save Article