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Oil drops to $63
 LONDON (Reuters) -- Oil fell to $63 on Thursday continuing a month-long retreat on swelling stockpiles and tensions taken in stride by the market.Markets were already just above five-month lows this week after a sharp price drop sparked by swelling stockpiles, perceptions that supply disruptions from Iran were growing less likely and a mild Atlantic storm season. U.S. crude was down 97 cents at $63.00 barrel in afternoon trade after rising 21 cents on Wednesday, snapping a 12 percent, seven-session slide, its longest losing streak in three years. Markets were soothed when tanker loadings resumed at Nigeria's Brass export terminal overnight after a brief break due to a strike by oil unions, ship agents said on Thursday. A three-day strike over insecurity in the Niger Delta began on Wednesday, but was expected to be called off later on Thursday after talks with the government. Underlining the view that supplies are robust, a spate of refinery run cuts across Asia deepened on Thursday as an industry source said Exxon Mobil Corp. (Charts) had cut output by 8 to 10 percent at its 600,000 barrels per day (bpd) Singapore plant. Posted by: Steve White 2006-09-15 |
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