« Chrysler, UAW Talk As Deadline Nears |
Main
| Honda will present hybrid sports car at Tokyo show »
October 10, 2007
VIENNA, Austria -- Oil prices slipped Wednesday in anticipation of increased U.S. crude inventory levels, after rising sharply in the previous session on U.S. government predictions that a colder winter ahead will help lift worldwide demand for crude during the fourth quarter, according to the Associated Press.
In a monthly report, the U.S. Energy Department's Energy Information Administration estimated global demand for oil will be 1.8 million barrels a day higher in the fourth quarter than it was during the same period last year. The report follows a prediction last Thursday from the U.S. National Oceanic and Atmospheric Administration that temperatures in the U.S. will be 1.3 percent colder than last year, although they'll be 2.8 percent warmer than average.
Oil prices have been volatile in recent days as investors have debated whether oil supplies are adequate to meet fourth-quarter demand. Some investors feel prices have peaked for the year and are due to begin a seasonal decline; others feel prices could rise again and set new records.
Light, sweet crude for November delivery fell 12 cents to $80.14 a barrel by midday in Europe in electronic trading on the New York Mercantile Exchange. The contract rose $1.24 to settle at $80.26 a barrel Tuesday in New York.
Posted by Peter C. T. Elsworth 
at 9:41 AM to Crude oil market
| Permalink
Please be civil. Vicious comments, personal attacks and profanity won't be published.
