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Oil Prices Fall in European Trading

Oil prices fell today, reacting to a drop in global stock markets and expectations that a tropical storm would miss key oil and gas infrastructure in the Gulf of Mexico, according to the Associated Press.

The storm concerns overshadowed Wednesday's U.S. weekly government report that showed larger-than-expected declines in oil and gasoline inventories last week, but an increase in refinery activity that was in line with expectations. The decline in crude inventories supported higher oil prices, though the rest of the report was viewed as largely neutral, analysts said.

Light, sweet crude for September delivery lost $1.38 to $71.95 a barrel in electronic trading on the New York Mercantile Exchange by midday in Europe. The contract had risen 95 cents to settle at $73.33 a barrel Wednesday.

Posted by Peter C. T. Elsworth  at 10:55 AM to Crude oil market | Permalink

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