Oil prices drop slightly

Oil prices drop slightly
# 18 September 2009 08:02 (UTC +04:00)
Baku– APA-Economics. Crude oil pared its weekly gains as investors sold contracts to lock in profit after prices climbed above $73 a barrel this week on expectations of higher demand.
Oil has risen following reports this week of an expansion in housing starts and industrial capacity utilization in the U.S., the world’s largest energy user. Crude has traded between $67 and $73 since Sept. 1.
Crude oil for October delivery was at $72.33 a barrel in electronic trading on the New York Mercantile Exchange, down 14 cents at 1:03 p.m. in Singapore. Earlier it fell as much as 51 cents, or 0.7 percent, to $71.96. Futures have risen 4.4 percent this week and 62 percent this year.

Brent crude oil for November settlement traded at $71.50 a barrel on the London-based ICE Futures Europe exchange, down 5 cents at 1:02 p.m. Singapore time. The contract earlier fell as much as 45 cents, or 0.6 percent, to $71.10. Yesterday, it lost 12 cents to settle at $71.55.

The Organization of Petroleum Exporting Countries will increase shipments by 0.9 percent in the four weeks ended Oct. 3, according to consultant Oil Movements. The 12-member group will raise exports by sea in the period to 22.57 million barrels a day, from 22.37 million in the month ended Sept. 3, the Halifax, England-based tanker tracker said in a report yesterday.
OPEC agreed at its Sept. 9 meeting in Vienna to maintain production quotas at 24.845 million barrels a day. The 11 members governed by quotas, all except Iraq, produced 1.4 million barrels a day over the target in August, according to the International Energy Agency.
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