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Crude oil prices fall to 4-month low

www.chinanews.cn 2005-11-12 16:43:04

(Source: Xinhuanet)

NEW YORK, Nov. 11 - World oil prices fell to the lowest close on Friday
since July 21 amid an unseasonably warm weather and a depressed demand
wrought by this autumn's record high prices.
New York's main contract, light sweet crude for delivery in December,
fell 27 cents to close at 57.53 dollars a barrel, its lowest finish since
July 21, a 5 percent loss for the week.
In London, the price of Brent North Sea crude for December delivery shed
69 cents to end at 54.99 dollars a barrel.
On the New York Mercantile Exchange, heating oil for December fell 2
cents to close at 1.7235 dollars a gallon. December gasoline fell about 2
cents at 1.485 dollars a gallon. Natural gasrose 33.2 cents to 11.712
dollars per 1,000 cubic feet.
AccuWeather, a State College, Pa.-based weather forecaster, said warm air
will blanket most of the country this weekend beforecold weather finally
arrives next week. By the middle of next week,the Great Lakes and New
England should see freezing temperatures and possibly snow, AccuWeather
predicted.
The International Energy Agency revised downward its forecast of global
oil demand for 2005 Thursday from 83.4 million barrels per day to 83.3
million barrels per day. The agency also cut its estimate for 2006 world
oil demand to 85.01 million barrels a day,down 140,000 barrels.
US Energy Information Administration said Wednesday crude oil inventories
rose 4.5 million barrels to 323.6 million barrels in the week ended Nov.
4 from a week earlier. Crude oil supplies havebeen rising steadily for
the past five weeks.

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