Business | Oil & Gas

Oil falls towards $67 on economic outlook

Oil fell towards $67 a barrel on Tuesday as economic uncertainty hit equity markets and added to expectation that oil demand could be slow to revive significantly.

  • Agencies
  • Published: 19:27 June 23, 2009
  • Gulf News

London: Oil fell towards $67 a barrel on Tuesday as economic uncertainty hit equity markets and added to expectation that oil demand could be slow to revive significantly.

However, oil's losses were limited by dollar weakness. A lower dollar can strengthen commodities denominated in the currency.

US crude for August was down 50 cents at $67.00 by 1442 GMT. US crude for July delivery expired on Monday, settling down $2.62 at $66.93 a barrel.

London Brent crude fell 34 cents to $66.64.

US weekly inventory data from the American Petroleum Institute was due later on Tuesday and US government oil stocks figures on Wednesday.

The API will release its weekly stockpile data at 2030 GMT, while the US Energy Information Administration will release its report on Wednesday at 1430 GMT.

The Organisation of the Petroleum Exporting Countries will not cut output at its meeting in September, Kuwait's oil minister said on Tuesday.

"We will not cut there, but we will ask for more compliance (with agreed cuts)," Kuwait's Oil Minister Shaikh Ahmad Al Abdullah Al Sabah told reporters at parliament.

Opec and EU officials met in Vienna on Tuesday to discuss the outlook for the oil market and supplies. Opec President Jose Botelho de Vasconcelos of Angola told a news conference at the close of the meting that the exporter group wanted an oil price of around $80 a barrel.

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