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2008-10-17 12:23:29 UTC
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Oil falls for 3rd day to 13-month low near $73
Reuters - Thursday, October 16
* Oil falls to new 13-month low on demand worries
Hurricane Oman strengthens to Category 2 hurricane
* Focus on U.S. weekly oil data later Thursday
TOKYO, Oct 16 - Oil fell for a third day to a new 13-month low near
$73 a barrel on Thursday, amid continued worries that a deepening
economic slowdown will cut into already weakening demand.
Traders are also waiting for weekly U.S. oil inventory data due later
in the day. Analysts polled by Reuters expect the numbers to show
increases in crude and oil products.
Crude for November delivery <CLc1> was trading down $1.17 at $73.37 a
barrel by 0018 GMT in electronic trading, after settling down $4.09 a
day earlier. It earlier fell to $73.18, the lowest since late August
2007.
Crude now stands more than 50 percent off the July record peak above
$147, and analysts have scaled back global demand growth estimates,
after a slew of recent data backed a trend of weakening oil demand.
London Brent crude <LCOc1> was not traded yet, after settling down
$3.73 at $70.80 on Wednesday.
U.S. retail gasoline demand last week fell more than 9 percent year-on-
year for a second straight week as consumer spending slowed,
MasterCard Advisors said. [nN15327094]
JP Morgan cut its average oil price forecast for 2009 to $74.75 a
barrel, citing the weak economic outlook.
Hurricane Omar strengthened into a Category 2 storm on Wednesday as it
headed toward Puerto Rico and the small islands of the northeastern
Caribbean, the U.S. National Hurricane Center said. [ID:nN15412236]
Processing units at the 500,000 barrel-per-day Hovensa refinery on St.
Croix in the U.S. Virgin Islands were being shut down ahead of Omar's
arrival, Hess Corp <HES.N> said. Hovensa is a large supplier of
gasoline and heating oil to U.S. East Coast markets.
U.S. crude oil inventories probably rose for the third straight week,
gaining 1.9 million barrels, an expanded Reuters poll showed.
[ID:nN15535685]
The data also is expected to show a a 600,000-barrel build in
distillates and a 2.9-million-barrel gasoline supply rise. [EIA/S] The
data is to be announced at 11 a.m. EDT , a day later than usual due to
Columbus Day on Monday.
adapted from Yahoo news by:
Dr, MR Franc MBBS (PhD) GPS Ang Poon Kah
***@email.com
mode 2 first generation government people of Singapore
Assistant FED Chief (Internationale)
.
Oil falls for 3rd day to 13-month low near $73
Reuters - Thursday, October 16
* Oil falls to new 13-month low on demand worries
Hurricane Oman strengthens to Category 2 hurricane
* Focus on U.S. weekly oil data later Thursday
TOKYO, Oct 16 - Oil fell for a third day to a new 13-month low near
$73 a barrel on Thursday, amid continued worries that a deepening
economic slowdown will cut into already weakening demand.
Traders are also waiting for weekly U.S. oil inventory data due later
in the day. Analysts polled by Reuters expect the numbers to show
increases in crude and oil products.
Crude for November delivery <CLc1> was trading down $1.17 at $73.37 a
barrel by 0018 GMT in electronic trading, after settling down $4.09 a
day earlier. It earlier fell to $73.18, the lowest since late August
2007.
Crude now stands more than 50 percent off the July record peak above
$147, and analysts have scaled back global demand growth estimates,
after a slew of recent data backed a trend of weakening oil demand.
London Brent crude <LCOc1> was not traded yet, after settling down
$3.73 at $70.80 on Wednesday.
U.S. retail gasoline demand last week fell more than 9 percent year-on-
year for a second straight week as consumer spending slowed,
MasterCard Advisors said. [nN15327094]
JP Morgan cut its average oil price forecast for 2009 to $74.75 a
barrel, citing the weak economic outlook.
Hurricane Omar strengthened into a Category 2 storm on Wednesday as it
headed toward Puerto Rico and the small islands of the northeastern
Caribbean, the U.S. National Hurricane Center said. [ID:nN15412236]
Processing units at the 500,000 barrel-per-day Hovensa refinery on St.
Croix in the U.S. Virgin Islands were being shut down ahead of Omar's
arrival, Hess Corp <HES.N> said. Hovensa is a large supplier of
gasoline and heating oil to U.S. East Coast markets.
U.S. crude oil inventories probably rose for the third straight week,
gaining 1.9 million barrels, an expanded Reuters poll showed.
[ID:nN15535685]
The data also is expected to show a a 600,000-barrel build in
distillates and a 2.9-million-barrel gasoline supply rise. [EIA/S] The
data is to be announced at 11 a.m. EDT , a day later than usual due to
Columbus Day on Monday.
adapted from Yahoo news by:
Dr, MR Franc MBBS (PhD) GPS Ang Poon Kah
***@email.com
mode 2 first generation government people of Singapore
Assistant FED Chief (Internationale)
.