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Commodity Daily News
Crude Prices Drop below $76 a Barrel on Record Inventories
Thursday, 13 May 2010
Crude Oil traded below $76 a barrel in New York Wednesday as the U.S. Energy Information Administration reported that inventories at Cushing had grown over the past week to a record 37 million barrels. The report showed that inventories climbed for the 14th time in 15 weeks as refiners reduced processing rates.
The report also showed that refineries operated at 88.4% of capacity, down 1.2 percentage points from the prior week and the first decline since March.
Light, sweet crude for June delivery dropped 72 cents, or 0.9%, lower at $75.65 a barrel. Currently the price of spot Crude Oil is $75.47 a barrel.
