Oil prices dip on markets

Oil prices dip on markets
# 21 August 2009 07:55 (UTC +04:00)
Baku -APA-Economics. Crude oil fell in New York, paring this week’s gains, after an unexpected increase in initial jobless claims in the U.S. raised concern that fuel demand may slow in the world’s biggest energy consumer.
Crude oil for October delivery fell as much as 88 cents, or 1.2 percent, to $72.03 a barrel in electronic trading on the New York Mercantile Exchange. It was at $72.23 a barrel at 12:39 p.m. Singapore time. Futures are poised to increase 7 percent this week.
The September contract expired yesterday at $72.54 a barrel, up 12 cents.
The amount of petroleum products supplied by U.S. refiners over the past four week average 18.9 million barrels a day, down 2.2 percent from a year earlier, the Energy Department reported.
Brent crude oil for October settlement declined as much as 65 cents, or 0.9 percent, to $72.68 a barrel, on the London- based ICE Futures Europe exchange. It was at $72.81 a barrel at 12:35 p.m. Singapore time. The contract dropped $1.26, or 1.7 percent, to $73.33 a barrel yesterday.
Crude oil futures may fall next week on speculation that an increase in U.S. jobless claims signals the economy will be slow to improve, a survey of analysts showed.
Twenty-one of 38 analysts surveyed by Bloomberg News, or 55 percent, said futures will decline through Aug. 28. Eight respondents, or 21 percent, forecast that the market will rise and nine said prices will be little changed. Last week, 50 percent of analysts said oil would drop.
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