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Oil prices drop sharply

08 January 2009 07:58 (UTC +04:00)

Baku. Vahab Rzayev â€“ APA-Economics. Oil futures dropped for a third day after a U.S. government report showed bigger-than-expected gains in supplies of crude, gasoline and distillate fuel as consumption dropped.
Sweet crude for February delivery tumbled 12 percent, or $5.95, to settle at $42.63 a barrel on the New York Mercantile Exchange after the report was released.
In London, February Brent crude plunged $4.67 to settle at $45.86 a barrel on the ICE Futures exchange.
The Energy Information Administration said inventories of commercial crude oil inventories rose 6.7 million barrels, well beyond the 1.5 million-barrel build expected by analysts surveyed by Platts, the energy information arm of McGraw-Hill Cos.
Gasoline futures for February delivery dropped 11.28 cents, or 9.5 percent, to settle at $1.0764 a gallon in New York. Heating oil for February delivery fell 8.32 cents, or 5.1 percent, to end the session at $1.5431 a gallon.