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Oil prices go below $70

22 June 2009 07:43 (UTC +04:00)

Bakuâ€“ APA-Economics. Crude oil fell for a second day in New York on concern that U.S. gasoline stockpiles will increase because of weak demand during the recession.
Oil extended a 2.6 percent loss on June 19 after gains in refinery output amid lower consumption pulled motor fuel futures down by 5.2 percent. Gasoline inventories in the U.S., the worldâ€™s biggest oil consumer, climbed a larger-than-expected 3.39 million barrels in the week ended June 12, the Energy Department said last week.
Crude oil for July delivery declined as much as 50 cents, or 0.7 percent, to $69.05 a barrel in after-hours electronic trading on the New York Mercantile Exchange. The contract was at $69.29 at 12:26 p.m. Singapore time. The contract, which expires today, closed at $69.55 on June 19, the lowest settlement since June 8.
Oil for August delivery, the more-actively traded contract, fell as much as 56 cents, or 0.8 percent, to $69.46 a barrel.
Brent crude for August settlement fell as much as 34 cents, or 0.5 percent, to $68.85 a barrel on Londonâ€™s ICE Futures Europe exchange. It was as $69.08 a barrel at 12:30 p.m. Singapore time.