Crude prices drop slightly on U.S. oil inventories

14:20, September 23, 2010      

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Crude prices dropped slightly on Wednesday as U.S. inventories increased last week.

The Energy Department's Energy Information Administration said commercial crude inventories increased by 1 million barrels to 358. 3 million barrels for the week ending Sept. 17.

Analysts expected a drop of over 1 million barrels, because of the closed pipeline that carried Canadian crude to the United States.

Gasoline supplies rose by 1.6 million barrels to 226.1 million barrels, the report said. Gasoline demand over the four weeks ended Sept. 17 averaged 9.1 million barrels a day, down 0.1 percent from the same period of 2009.

Supplies of distillate fuel, which include diesel and heating oil, rose by 300,000 barrels to 174.9 million barrels, which was 2. 4 percent more than a year ago.

Light, sweet crude for November delivery was down 26 cents to settle at 74.71 U.S. dollars a barrel on the New York Mercantile Exchange.

In London, Brent crude fell 47 cents to settle at 77.95 dollars a barrel on the ICE Futures exchange.

Source: Xinhua


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