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Commodity Daily News
Crude Declines on Demand Concerns
Thursday, 18 Nov 2010
Crude-oil futures fell to the lowest level in nearly a month Wednesday despite a surprise drop in U.S. oil and gasoline inventories. The Energy Department said stockpiles dropped 7.3 million barrels last week. However, concern about global demand in light of the current debt crisis in the euro-zone and China's efforts to cool its economy outweighed the positive data.
Light, sweet crude for December delivery settled $1.90, or 2.3%, lower at $80.44 a barrel on the New York Mercantile Exchange. The spot price did recover during Asian trading session and is currently trading at $81.65 a barrel.
