Oil falls below 75 dollars as supply concerns ease

08:51, September 17, 2010      

Email | Print | Subscribe | Comments | Forum 

Oil prices slid below 75 U.S. dollars a barrel on Thursday as mixed economic reports and fading worries about supply disruption weighed on the market.

The U.S. Labor Department said that the number of people filing for jobless benefits fell to 450,000 last week, while analysts were expecting a modest rise. But the initial claims have been hovered at this level for the most time of this year, showing employers were still reluctant to hire.

Meanwhile, despite a modest rise in September, manufacturing activity in the Philadelphia region stayed in contraction area for two consecutive months.

While lackluster data cooled market enthusiasm, investors' worries about crude supply eased after Enbridge said the closed pipeline 6A will resume operation on Friday.

The Line 6A carries 670,000 barrels of crude per day and is the largest of the company's major three pipelines supplying Canadian crude to refiners in Midwest.

Light, sweet crude for October delivery fell 1.45 dollars to settle at 74.57 dollars a barrel on the New York Mercantile Exchange.

Brent crude for November delivery fell 1.04 dollars to 78.38 dollars a barrel on the International Futures Exchange in London.



  • Do you have anything to say?


Special Coverage
  • Premier Wen Jiabao visits Hungary, Britain, Germany
  • From drought to floods
Major headlines
Editor's Pick
  • Photo taken on Sept. 29, 2011 shows a cargo ship in danger on the sea near Zhuhai City, south China's Guangdong Province. Cargo ship Fangzhou 6 of Qingzhou of southwest China's Guangxi Zhuang Autonomous Region lost control after water stormed into its cabin due to Typhoon Nesat on the sea near Zhuhai Thursday, leaving 12 crew members in danger. Rescuers rushed to the ship and saved them by using a helicopter. (Xinhua)
  • Actress Gong Li poses for L'Officiel Magazine. (Xinhua Photo)
  • Demonstrators from the Occupy Wall Street campaign hold placards as they march in the financial district of New York September 29, 2011. After hundreds of protesters were denied access to some areas outside the New York Stock Exchange on September 17, demonstrators set up a rag-tag camp three blocks away. Zuccotti Park is a campground festooned with placards and anti-Wall Street slogans. The group is adding complaints of excessive police force against protesters and police treatment of ethnic minorities and Muslims to its grievances list, which includes bank bailouts, foreclosures and high unemployment. (Xinhua/Reuters Photo)
  • The romantic myth of the Aegean 
The Aegean Sea is between the Greece Peninsula and Asia Minor Peninsula, dotted with many beautiful scenery islands, like a paradise on earth.  The ancient city of Troy in the east coast of Aegean, Turkey, and Mycenaean sites in the west bank of Greece, which have been archaeological discoveries, now are the must visit places in journey of the Aegean Sea. Above, these desolate dilapidated stone, the sunny blue sky and white clouds and vessels roaming at sea, arriving and departing travellers, add more romantic to the sea and the islands.
  • Chinese Permanent Representative to the United Nations Li Baodong (R) welcomes UN Secretary-General Ban Ki-moon in New York, the United States. Sept. 29, 2011. The Chinese permanent delegation to the UN held a reception on Thursday to celebrate the 62nd anniversary of the founding of the People's Republic of China and the 40th anniversary of China's returning to the UN. (Xinhua/Shen Hong)
  • Chinese ambassador to Bulgaria Guo Yezhou delivers a speech during the reception in Sofia, capital of Bulgaria, on Sept. 29, 2011. The Chinese Embassy in Bulgaria held a grand reception here on Thursday to celebrate the 62nd anniversary of the founding of the People's Republic of China. (Xinhua/Wang Meng)
Hot Forum Discussion