Oil drops below $67 on swelling gasoline stocks
LONDON: Swelling gasoline stocks and a far-bigger-than-expected rise in U.S.
unemployment drove oil markets down more than $2 Thursday to below $67 a barrel. In
the latest signal the economy of the world's biggest energy consumer was still struggling,
data Thursday showed U.S. employers had cut 467,000 jobs in June and the unemployment
rate had risen to 9.5 percent. U.S. crude fell $2.45 to $66.86 a barrel by 1530 GMT. The
contract settled 58 cents lower at $69.31 Wednesday. London Brent crude dropped $2.03
to $66.76. "It shows an economy still in distress that can only be echoed in earnings
reports after the holidays," said Mike Fitzpatrick, vice president at MF Global in New
York. In addition, analysts cited Wednesday's U.S. government inventory data that showed
gasoline stockpiles in the United States rose by 2.3 million barrels last week.
Source:http://www.expressbuzz.com/edition/story.aspx?Title=Oil+drops+below+$67+on+
swelling+gasoline+stocks&artid=8IH3MPU27M=&SectionID=XT7e3Zkr/lw=&MainSecti
onID=XT7e3Zkr/lw=&SectionName=HFdYSiSIflu29kcfsoAfeg==&SEO=
LONDON: Swelling gasoline stocks and a far-bigger-than-expected rise in U.S.
unemployment drove oil markets down more than $2 Thursday to below $67 a barrel. In
the latest signal the economy of the world's biggest energy consumer was still struggling,
data Thursday showed U.S. employers had cut 467,000 jobs in June and the unemployment
rate had risen to 9.5 percent. U.S. crude fell $2.45 to $66.86 a barrel by 1530 GMT. The
contract settled 58 cents lower at $69.31 Wednesday. London Brent crude dropped $2.03
to $66.76. "It shows an economy still in distress that can only be echoed in earnings
reports after the holidays," said Mike Fitzpatrick, vice president at MF Global in New
York. In addition, analysts cited Wednesday's U.S. government inventory data that showed
gasoline stockpiles in the United States rose by 2.3 million barrels last week.
Source:http://www.expressbuzz.com/edition/story.aspx?Title=Oil+drops+below+$67+on+
swelling+gasoline+stocks&artid=8IH3MPU27M=&SectionID=XT7e3Zkr/lw=&MainSecti
onID=XT7e3Zkr/lw=&SectionName=HFdYSiSIflu29kcfsoAfeg==&SEO=
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