Crude Prices Continue to Fall in Asia
Friday May 13, 12:19 am ET
Crude Prices Fall in Asia on Continued Reaction to Bearish U.S. Supply Data
SINGAPORE (AP) -- Crude futures tumbled further in Asia on Friday morning due to rising supplies in the United States and falling demand in China.
Light, sweet crude for June delivery fell 25 cents to US$48.29 a barrel in after-hours trading on the New York Mercantile Exchange after sliding nearly US$2 overnight to settle at US$48.54.
ADVERTISEMENT
The last time crude futures settled below US$49 was Feb. 18.
Steady increases in U.S. inventories have sent crude oil prices down nearly 20 percent since hitting a record US$58.28 in early April. However, the contract remains about 19 percent higher than this time last year.
On Wednesday, the U.S. Energy Department said domestic crude inventories grew by 2.7 million barrels last week to 329.7 million barrels, or 10 percent above year-ago levels.
The Paris-based International Energy Agency also said Wednesday that oil demand in China rose 4.5 percent in the first quarter, a sharp decline from the 19.3 percent year-on-year jump in the first three months of 2004. China is the world's second largest consumer of crude behind the United States, and increasing demand there has been blamed for dwindling supplies.
Email Story
Set News Alert
Print Story
Caspermick
"TOUGH TIMES NEVER LAST BUT TOUGH PEOPLE DO."
God Bless America
In Gambling,,,Playing Card Games. Ya Never Know What The Next Hand Will Look Like.
Ten Bagger Potential Stock
AI
