| Oil prices slide to U.S. Inventory Increase Due |
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| Thursday, 29 July 2010 08:53 | |||||||
Page 1 of 2 NEW YORK - Oil prices fell on Wednesday after unexpectedly large jump in crude stockpiles in the United States added to jitters caused by reduced consumer confidence.New York's main contract, light sweet crude for September delivery, fell 51 cents to 76.09 dollars per barrel. North Sea Brent crude in London for September delivery fell seven cents to 76.06 dollars. The two contracts to recover from losses of more than one dollar each in early trading as concerns over U.S. crude oil reserves increased slightly subsided. The U.S. Energy Department said crude inventories jumped 7.3 million barrels last week in the United States, countries of the world's largest energy konsuemn. Analysts predict a decline of 1.4 million barrels, according to exit polls compiled by Dow Jones Newswires. Gasoline stockpiles rose 100,000 barrels, below analyst expectations of 500,000 barrels, and distillates, which include heating oil and diesel, increased by 900 000 barrels, while analysts project an increase of 2.1 million barrels. Data coming in the development of proof of weakening U.S. consumer confidence had weakened hopes for a strong economic recovery. "The market continues to drift lower, then after inventories data, we seem to accelerate further," said Tom Bentz, an analyst at BNP Paribas. "However, the implied demand data did show an increase of all major categories and the loss of seed back in late day trading," analysts at BMO Capital Markets said in a client note. Oil prices fell in U.S. trading Tuesday after a closely watched survey showed that U.S. consumer confidence fell to the worst level in five months due to concerns about unemployment in the midst of uncertain economic conditions. "The fall of consumer confidence and the growing possibility of a double-dip in home prices has put further bending in the already deteriorating outlook for consumption growth," said research firm Capital Economics in a note to clients. (AFP) www.tenderoffer.biz
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