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Oil prices drop for two consecutive days

29 July 2009 11:43 (UTC +04:00)

Bakuâ€“ APA-Economics. Oil fell for a second day after an industry report showed increasing crude supplies in the U.S., the worldâ€™s biggest energy consumer, Bloomberg reports.
Crude inventories rose 4.07 million barrels last week, the industry-funded American Petroleum Institute reported late yesterday. The Energy Department will release its report later today. Oil extended losses as Asian and U.S. stocks declined after a measure of consumer confidence fell short of projections.
Crude oil for September delivery fell as much as $1.62, or 2.4 percent, to $65.61 a barrel on the New York Mercantile Exchange, and traded at $65.76 at 9:35 a.m. in London. Yesterday, futures dropped $1.15, or 1.7 percent, to settle at $67.23 a barrel. Prices have gained 48 percent this year.
U.S. crude oil inventories climbed to 352.4 million last week, according to the API. Gasoline inventories were little changed at 213.6 million barrels, the data showed.
Brent crude oil for September settlement on Londonâ€™s ICE Futures Europe exchange declined as much as $1.45, or 2.1 percent, to $68.43 a barrel, and traded at $68.60 at 9:35 a.m. London time.
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