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Commodity Daily News
Oil Declines for First Time in 3 Days as US Home Sales Drop
Wednesday, 23 Jun 2010
Crude Oil prices dropped for the first time in 3 days as sales of existing US homes unexpectedly fell in May, signaling the economy is struggling to recover. The contract earlier hit an intraday high of $78.95 a barrel, but had gone down all the way to $77.79 prior to that.
After floor trading closed, a report by the Washington-based American Petroleum Institute showed a surprise increase in oil and oil-products inventories, ahead of a more closely watched report by the Department of Energy today at 14:30 GMT.
