| Oil prices slide to U.S. Stock Rising Due |
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| Friday, 23 July 2010 10:43 | |||||||
Page 1 of 2 LONDON - Oil prices slumped on Wednesday, after giving an increase in early trading, as traders reacted to an unexpected increase in crude oil reserves which showed weaker demand in key energy consumer the United States.
New York's main contract, light sweet crude for September delivery, sank 49 cents to 77.09 dollars per barrel. Brent North Sea crude oil for September delivery fell 29 cents to 75.93 dollars. U.S. Department of Energy (DoE) announced Wednesday, U.S. crude oil inventories rose 400,000 barrels in the week ended July 16. The news was surprising because the market traders had been expecting for a big decline of 1.3 million barrels, according to analysts surveyed by Dow Jones Newswires. The DoE said that inventories of gasoline (petrol) grew by 1.1 million barrels last week, above the 700,000 barrels increase forecast by analysts. Distillate stocks, which include diesel and heating fuel, increased 3.9 million barrels, more than double expectations for increases greater than 1.6 million barrels. Torbjorn Kjus, an analyst at DnB NOR Markets, the DoE report describes as "bearish," show that will likely attract a lower price. New York stock market, meanwhile, traded lower on Wednesday as investors digest corporate earnings and prepared to comment about the health of the U.S. economy by Federal Reserve chief Ben Bernanke. Shares of blue-chip Dow Jones Industrial Average rose slightly at the opening, as market sentiment lifted by the company's improved results, but the increase erased by concerns over U.S. economic recovery. Stock market investors are initially supported by a second-quarter profit very well from Apple and earnings better than expected by a leading bank Morgan Stanley, Wells Fargo and soft drinks giant Coca Cola. (A026/K004) (ANTARANews / AFP)
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