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Oil prices slip on world market

15 September 2009 06:42 (UTC +04:00)

Baku-APA-Economics. Crude oil traded below $69 a barrel on speculation U.S. refiners may cut operating rates after fuel stockpiles reached a 26-year high, Bloomberg reports.
The countryâ€™s supplies of distillate fuel, which includes diesel and heating fuel, probably rose for a fourth week from the highest since 1983, according to a Bloomberg News survey before an Energy Department report tomorrow. U.S. crude oil inventories probably fell last week as refineries bought fewer cargoes before idling plants for seasonal maintenance.
Crude oil for October delivery was at $68.85 a barrel, down 1 cent, at 11:12 a.m. in Singapore in electronic trading on the New York Mercantile Exchange. Yesterday, the contract fell to $68.86, the lowest settlement since Sept. 4. Futures have gained 55 percent this year.

Crude tumbled to $32.40 a barrel in December, a four-year low, after the collapse of Lehman Brothers Holdings Inc. on Sept. 15, 2008, triggered a global financial crisis that sapped energy consumption.

Commercially held U.S. crude oil inventories likely declined 2.5 million barrels from 337.5 million, according to the median of survey responses.

The Energy Department is scheduled to release its Weekly Petroleum Status Report tomorrow. The industry-funded American Petroleum Institute will put out its own data at 5:30 p.m. in Washington today.

Brent crude oil for October settlement on the London-based ICE Futures Europe exchange traded at $67.40 a barrel, down 4 cents, at 10:57 a.m. Singapore time. Yesterday, the contract fell 0.4 percent to settle at $67.44, the lowest in a week.
The October contract expires today. The more active November future was at $68.33 a barrel, down 4 cents, at 10:57 a.m. Singapore time.

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Oil prices slip on world market

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Gold and silver futures decline on COMEX

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