Oil prices remain around $70

Oil prices remain around $70
# 16 September 2009 07:45 (UTC +04:00)
Baku– APA-Economics. Oil fell in New York after an industry report showed an increase in distillate and crude stockpiles in the U.S., the world’s biggest energy consumer, Bloomberg reportts.

Oil declined after the American Petroleum Institute reported distillate fuel inventories, including diesel and heating oil, climbed 5.2 million barrels while crude supplies rose 631,000 barrels. A U.S. Energy Information Administration report out today may show crude stockpiles declined and distillates increased.

Crude oil for October delivery fell as much as 79 cents, or 1.1 percent, to $70.14 a barrel in electronic trading on the New York Mercantile Exchange. It was at $70.62 a barrel at 11:53 a.m. Singapore time.
Yesterday, the contract rose $2.07 to settle at $70.93, the biggest increase since Sept. 8. Prices are up 58 percent this year. Crude has traded between $65 and $75 since July 31.
Brent crude oil for November settlement fell as much as 85 cents, or 1.2 percent, to $69.01 a barrel on the London-based ICE Futures Europe exchange. The contract yesterday climbed $1.49, or 2.2 percent, to end the session at $69.86 a barrel.
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