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Oil prices lose most in two weeks

04 June 2009 08:10 (UTC +04:00)

Bakuâ€“ APA-Economics. Crude oil was little changed near $66 a barrel after falling the most in two weeks yesterday as a government report showed that U.S. supplies unexpectedly increased when fuel consumption plunged to a 10-year low.

Fuel demand in the worldâ€™s largest energy user fell 900,000 barrels to 17.7 million barrels a day last week, the biggest drop since Jan. 9, the report showed. Gasoline consumption slipped 518,000 barrels to 9.02 million, the biggest decline since January 2005.

Prices jumped $7.53 a barrel between May 21 and June 1, the longest rally in a year, amid a weaker dollar and signs of recovery in the global economy.
Crude oil for July delivery was at $66.05 a barrel, down 7 cents, on the New York Mercantile Exchange at 12:40 p.m. in Singapore. Yesterday, the contract fell $2.43, or 3.5 percent, to settle at $66.12 a barrel, the biggest decline since May 15.
U.S. gasoline stockpiles fell 215,000 barrels to 203.2 million last week, the report showed. A 650,000-barrel increase was forecast in the Bloomberg News survey.
Brent crude for July delivery was at $65.90 a barrel, up 2 cents, on Londonâ€™s ICE Futures Europe exchange at 12:41 p.m. in Singapore. It dropped $2.29, or 3.4 percent, to end yesterdayâ€™s session at $65.88 a barrel, the biggest decline since April 20.