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Oil prices keep declining

15 January 2009 08:31 (UTC +04:00)

Baku. Vahab Rzayev â€“ APA-Economics. Oil prices fell Wednesday with a government report showing that crude inventories continued to grow, suggesting that demand for oil and gasoline will not rebound anytime soon, AP reports.
Light, sweet crude for February delivery fell 50 cents to settle at $37.28 a barrel on the New York Mercantile Exchange after trading as high as $39.45.
In London, February Brent crude rose 25 cents to settle at $45.08 a barrel on the ICE Futures exchange.
In other Nymex trading, gasoline futures rose 1.88 cents to settle at $1.1677. Heating oil fell 5.1 cents to settle at $1.4631, while natural gas for February delivery fell 23.4 cents to settle at $4.631 per 1,000 cubic feet.
The Energy Department’s Energy Information Administration said crude inventories grew by 1.2 million barrels for the week ended Friday. That was below the expectation of 3 million barrels, according to the average of estimates in a survey of analysts by Platts, the energy information arm of McGraw-Hill Cos.