 Oil Flow Lower On Slowdown Fears
After posting the biggest one-day decline in more than a year Oil continued to drift lower on Tuesday too but the pace of decline was slow when compared to previous sessions. West Texas Intermediate for December delivery fell $1 to $57.36 a barrel in early afternoon trade on the New YorkLondon trade. Mercantile Exchange, while ICE Brent crude futures slipped 88 cents to $57.80 in late afternoon
Petroleum product futures were also weaker. November unleaded gasoline dropped 5.75 cents to $1.3980 a gallon and November heating oil futures eased 2.3 cents to $1.5785.
The declines came despite the production cuts from Organization of the Petroleum Exporting Countries (OPEC), which has agreed to trim 1.2m barrels a day from their output. The cut, which was planned to come into effect from November 1st (that is from today) , was an attempt to steady prices. However, so far only Saudi Arabia and United Arab Emirates have told customers of impending cuts.
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11-01-06, 06:10 AM
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