Crude Oil Futures Drop Below $69
http://biz.yahoo.com/ap/060904/oil_prices.html?.v=4
VIENNA, Austria (AP) -- Oil prices dropped below $69 a barrel Monday, falling below 10-week lows despite continued jitters over the standoff between Iran and the international community over Tehran's nuclear program.
The crude contract began its decline Friday after the United Nations failed to impose sanctions on Iran for refusing to stop its nuclear enrichment program. Also easing energy prices were strong inventory data, a more-subdued forecast for this year's hurricane season and a mixed U.S. jobs report -- suggesting fuel demand probably won't surge sharply.
Light, sweet crude for October delivery fell 54 cents to $68.64 a barrel in electronic trading on the New York Mercantile Exchange by afternoon in Europe. The contract fell $1.07 Friday to close at $69.19 a barrel -- its lowest settlement price since finishing at $68.94 on June 20.
Brent crude slipped 75 cents on London's ICE Futures exchange, trading at $68.40."
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"Bearish news such as the unexpected increase of U.S. gasoline stocks and the downgrading of the first hurricane of the season outweighed the fact that the ultimatum issued to ... Iran elapsed without a solution," said Vienna's PVM Oil Associates.
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VIENNA, Austria (AP) -- Oil prices dropped below $69 a barrel Monday, falling below 10-week lows despite continued jitters over the standoff between Iran and the international community over Tehran's nuclear program.
The crude contract began its decline Friday after the United Nations failed to impose sanctions on Iran for refusing to stop its nuclear enrichment program. Also easing energy prices were strong inventory data, a more-subdued forecast for this year's hurricane season and a mixed U.S. jobs report -- suggesting fuel demand probably won't surge sharply.
Light, sweet crude for October delivery fell 54 cents to $68.64 a barrel in electronic trading on the New York Mercantile Exchange by afternoon in Europe. The contract fell $1.07 Friday to close at $69.19 a barrel -- its lowest settlement price since finishing at $68.94 on June 20.
Brent crude slipped 75 cents on London's ICE Futures exchange, trading at $68.40."
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..........
"Bearish news such as the unexpected increase of U.S. gasoline stocks and the downgrading of the first hurricane of the season outweighed the fact that the ultimatum issued to ... Iran elapsed without a solution," said Vienna's PVM Oil Associates.
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posted by Blue @ 9:43 AM
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