Oil prices drop sharply as U.S. supplies increase
06.11.2008 21:02
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- Source: cbc.ca
Oil prices fell by more than $5 a barrel on Wednesday as U.S. stockpiles of fuel grew. On the New York Mercantile Exchange, the price of crude oil for December delivery dropped by $5.23 US to settle at $65.30 a barrel. The retreat came after the U.S. government's Energy Information Administration said stockpiles of distillates, such as home heating oil, increased by 1.2 million barrels, while gasoline supplies were up by 1.2 million barrels. "The data looks bearish on most fronts with products supplies building more than expected as refinery activity held firm at the prior week's level," said Jim Ritterbusch, an energy analyst. The U.S. government also said that oil product demand over the previous four weeks was 19.1 million barrels per day. That was down 6.7 per cent from demand in the same four-week period last year. Energy demand has declined as the United States economy has slipped toward recession. Oil jumped by $6.62 US on Tuesday amid signs that Saudi Arabia and some other OPEC members might cut oil production. With files from Associated PressRelatedInternal LinksIN DEPTH: The Bottom Line: Complete economic coverage from CBC News Your View: Are you driving more?Consumer HeadlinesForget herbicides, weed-whackers: get some goats, study saysMunicipalities across the country should consider swapping herbicides for goat herds to control weeds on environmentally sensitive lands, a B.C. study has concluded.Pet food sickened dozens in U.S.Dry pet food contaminated with salmonella sickened at least 79 people over three years, U.S. health officials said Thursday while warning that pet food may be an underrecognized source of infections in humans, especially young children.Calgary property taxes could rise by about 23 per centCalgary homeowners may see a 23.3 per cent increase in their tax bill over the next three years.Ont. health officials investigate more E. coli cases The number of cases of E. coli under investigation in southern Ontario continues to rise as health officials try to identify a common food source.Cape Breton distillery toasts scotch shortageNova Scotia's only distiller is hoping to cash in on a worldwide craving for fancy whisky that's leaving shelves bare across Canada. Consumer Life FeaturesENERGYElectric trucksVancouver's Envia aims to energize fleet vehicles CONSUMERAuto salesHow to avoid car buyers' remorseSAFETYRecalls and AdvisoriesBLOGFood BytesTightening the belt before dinnerIN DEPTHPersonal financeWhat to do when you can't pay your billsCOMM-ODDITIESLuxuryBangkok hotel dishes out million-dollar mealPeople who read this also read …
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