Speculation of a rise in US fuel inventories pulls down crude prices
31 Oct 2006
Crude oil prices declined in the global markets amidst speculations of a rise in US fuel inventories due to the reopening of a major port for tanker deliveries and forecasts of a warmer winter.
In
the after-hours electronic trading on the New York Mercantile
Exchange, crude oil for December settlement declined
by $1.25 to $59.50 per barrel. The contract traded at
$59.72 per barrel.
Brent
crude for December delivery fell by $1.28 to $59.80
per barrel on the ICE Futures exchange in London.