Crude oil prices extends tumble
www.chinaview.cn 2007-01-12 05:19:59

    NEW YORK, Jan. 11 (Xinhua) -- Crude oil prices extended tumble on Thursday, as gasoline and distillate inventories rose amid unusual mild weather.

    New York's main oil futures contract, light sweet crude for delivery in February, fell 2.14 U.S. dollars to close at 51.88 dollars a barrel, the lowest since May 27, 2005.

    London's Brent North Sea crude for February delivery dropped 1.99 dollars to settled at 51.70 dollars a barrel.

    U.S. commercial crude oil inventories dropped by 5 million barrels to 314.7 million barrels in the week ended Jan. 5, the Energy Department reported on Wednesday.

    However, gasoline inventories rose 3.8 million barrels to 213.3million last week while supplies of distillate, which include heating oil and diesel fuel, were up 5.4 million barrels last week to 141 million barrels.

    Unusual mild weather throughout the United States and over the world has driven crude prices down this winter.

    

Editor: Mu Xuequan
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