Oil prices held steady around $68

Oil prices held steady around $68
# 03 September 2009 08:04 (UTC +04:00)
Baku– APA-Economics. Oil traded above $68 a barrel in New York after inventories declined in the U.S., signaling improving fuel consumption in the world’s largest economy, Bloomberg reported.
Commercially held crude oil inventories dropped 372,000 barrels to 343.4 million in the week to Aug. 28, according to a U.S. Energy Department report yesterday. Gasoline stockpiles in the nation fell to an 11-week low, the report showed.
Crude oil for October delivery traded at $68.20 a barrel, up 15 cents, on the New York Mercantile Exchange at 12:13 p.m. in Singapore. Yesterday, the contract settled unchanged at $68.05, the first time this has happened since Nov. 24, 2006. Prices have gained 53 percent this year.
U.S. daily fuel consumption averaged 19.3 million barrels in the four weeks ended Aug. 28, up 0.1 percent from a year earlier. Gasoline inventories in the U.S. declined 2.97 million barrels from a week earlier to 205.1 million.
Brent crude oil for October settlement was at $67.65 a barrel, down 1 cent, on the London-based ICE Futures Europe exchange at 11:47 a.m. Singapore time. Yesterday, the contract declined 7 cents to $67.66, the lowest settlement since July 29.
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