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Bourse

Oil prices plunge on world markets

17 August 2009 07:54 (UTC +04:00)

Bakuâ€“ APA-Economics. Crude oil fell to the lowest in more than two weeks as reduced demand and rising stockpiles in the U.S. will ensure adequate supplies during the North Atlantic hurricane season. Bloomberg reports.

Crude oil for September delivery fell as much as 66 cents, or 1 percent, to $66.85 a barrel in after-hours electronic trading on the New York Mercantile Exchange, the lowest since July 31. It was at $66.89 at 12:18 p.m. in Singapore.

Crude oil inventories in the U.S., the worldâ€™s largest energy consumer, rose in the past three weeks as refiners reduced gasoline production with the end of the summer driving season. Distillate stockpiles, which include diesel and heating oil, are near their highest in 25 years.

Brent crude oil for October settlement declined as much as 55 cents, or 0.8 percent, to $70.89 a barrel on Londonâ€™s ICE Futures Europe exchange. Futures traded at $70.96 at 12:12 p.m. Singapore time.