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NEW YORK, oil prices slid again on Wednesday (9/12/09) local time, after official data showed gasoline stocks U.S. processed (distilled) were greater than expected mengendurnya renewed concerns about demand in the world's largest economy.
The main futures contract, New York, light sweet crude for January delivery fell 1.95 U.S. dollars to the two-month low at 70.67 U.S. dollars per barrel.

This is the sixth session in a row benchmark contract closed lower as the market worried about weakening demand in the United States because the country struggling to emerge from the worst recession in decades.

In London, oil, Brent North Sea crude for January dropped 2.80 dollars to settle at 72.39 dollars a barrel.

Market sentiment hit by the latest weekly report on U.S. oil stocks from the U.S. Department of Energy (DoE) which showed an unexpected increase in distillate stocks, by 1.6 million barrels in the week ended December 4, instead of down 500,000 barrels as expected by most analysts.

Distillate or distillate fuels including diesel and heating, which usually demand seen rising like at the time this year because medekati winter in the northern hemisphere. "Demand for distillate fuel oil to be kept close to 10 percent below 2008 levels, depressed by mild weather in November and poor demand for transportation goods," said Nic Brown, an economist at Natixis.

Crude oil reserves, after two weeks of increases, dropped 3.8 million barrels, to 336.1 million barrels. However, crude oil stocks were 4.4 percent higher than their levels last year and above the upper limit of the average range for this year.

For four weeks ago, the average U.S. consumption of 18.5 million barrels of petroleum products per day, decreased 3.0 percent from the same period a year ago. "Demand remains anemic," said Ellis Eckland, an independent analyst, adding that "people realize that the U.S. demand does not recover." (Kompas.com)