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Oil plunges below $48 a barrel on higher US supplies
New York's crude oil price plummeted to a six-week low on Thursday as traders' relief at a sharp rise in American crude inventories finally overwhelmed a post-US election rally.New York's benchmark contract, light sweet crude for delivery in December, tumbled $US2.06 to $US48.82 a barrel - the lowest settlement since September 23. The US Energy Department reported on Wednesday that crude oil inventories had climbed by 6.3 million barrels to 289.7 million barrels in the week to October 29. However, distillates - mostly crucial heating oil and diesel - fell for the seventh consecutive week. They dropped 900,000 barrels to 115.7 million, below the average range. On Thursday, the department said US gas stocks had climbed 63 billion cubic feet (1.23 billion cubic meters) to 1,921 billion cubic feet (90.20 billion cubic meters) in the same week. Wake up call "There are clearly upside risks to oil prices across the winter ... Nigeria's strikes, Iran's nukes, Iraq's elections, weather," Deutsche Bank analysts wrote in a note to clients. Posted by: Mark Espinola 2004-11-05 |
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