Business | Oil & Gas
Futures fall as supplies increase
Crude oil futures fell after a US government report showed an increase in supplies of gasoline and distillate fuels.
- Bloomberg
- Published: 23:33 January 14, 2009
New York: Crude oil futures fell after a US government report showed an increase in supplies of gasoline and distillate fuels.
Gasoline inventories rose 2.07 million barrels to 213.5 million barrels in the week ended January 9, the Energy Department said in a weekly report.
Stockpiles were forecast to increase by 1.85 million barrels, according to the median of analyst estimates in a Bloomberg News survey.
Distillate supplies, which include heating oil and diesel, surged 6.35 million barrels to 144.2 million barrels. Stockpiles were forecast to rise by 1.05 million barrels.
Inventories of crude oil rose 1.14 million barrels to 326.6 million, the department said. Supplies were forecast to climb by 2.5 million barrels.
Crude oil for February delivery fell $1.46, or 3.9 percent, to $36.32 a barrel at 10.35am on the New York Mercantile Exchange.
Oil traded at $37.23 a barrel before the report's release in Washington.
Prices also dropped on concern that fuel demand will decline because of the recession in the US, Europe and Japan.
Sales at US retailers fell more than twice as much as forecast in December as job losses and the choking-off of credit led Americans to cut back on everything from eating out to car purchases.
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