CRI Home - Photo- Forums - Talk China - Surf China - About China -  
  Webcast | CRI Today | China | World | Biz | SciTech | Sports | Life | Showbiz | Easy FM | Learn Chinese / English | Weather | Events
Crude Oil Futures Prices Retreat
2005-8-10 8:25:15      Xinhua
Crude oil prices declined from record high Tuesday as traders took profits from recent rally, but tensions in the Middle East and refinery problems in the United States remained a focus in their minds.
On the New York Mercantile Exchange, light, sweet crude oil futures for September delivery fell 87 cents to end at 63.07 dollars a barrel. Prices touched as high as 64.27 dollars per barrel during yesterday's intraday trading. Meanwhile, on London's International Petroleum Exchange, the September Brent dropped 72 cents to settle at 61.98 dollars a barrel.

Tuesday's profit-taking came as the Organization Petroleum Exporting Countries (OPEC) said global oil supply was exceeding demand. A US government report also showed distillate stockpiles on the East Coast this winter would be higher than last year despite surging demand.

However, traders said the market remained on a bullish footing due to security concerns in Saudi Arabia, tensions in Iran, and refinery troubles in the US that could disrupt fuel inventories.

Analysts expected that oil prices would be above 60 dollars a barrel for quite a long time as consumption continued to increase.

        Talk China        Print        Email        Recommend
Related Stories:

  Copyright of All rights reserved.

Reproduction of text for non-commercial purposes is permitted provided that both the source and author are acknowledged and a notifying email is sent to us.

postalChina Post is progressing with its scheme to merge its two sub-businesses.
textilePeter Mandelson said he would hold talks with Bo Xilai this week.
YahooChinese e-commerce operator is in the late stages of talks to sell a 35 percent stake to Yahoo Inc.
BOC IPO Could Take Place in 2005
China, Hong Kong, Japan, and Aussie Market Roundup 
CNOOC's Market Value Up By $7b
Producer Price Index Rises
Lenovo Profit Up 6% After IBM PC Buy
Power Supply Sees Robust Growth
HK Urges Manufacturers to Go "Green"
Major HK Banks's Interest Rate Hike
China Mobile First-Half Profit Rises