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A station attendant fills up a car at a
gas station in Valparaiso city, about 75 miles (120km) northwest of
Santiago, July 2, 2008. (Xinhua/Reuters file photo)
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NEW YORK, July 17 (Xinhua) -- Oil prices continued to
slide and closed below 130 U.S. dollars a barrel for the first time in more than
a month on Thursday on growing concerns about the health of U.S. economy.
Light, sweet crude for August delivery tumbled 5.31
dollars to settle at 129.29 dollars a barrel on the New York Mercantile
Exchange. Prices have fallen more than 15 dollars in the past three trading
sessions.
The Energy Department's Energy Information
Administration said in its weekly report that crude oil stockpiles jumped by 3
million barrels and natural gas inventories rose by 104 billion cubic feet last
week. The unexpected increase prompted the large sell-off as the investors are
concerned that the high energy prices have curtailed the demand.
Crude oil has also been pressured from the growing
concerns on the inflation risk and the weak U.S. economy. The U.S. Federal
Reserve Chairman Ben Bernanke told the Congress that "numerous difficulties"
represent "significant downside risks" to economic growth.
The energy market mood remained bearish Thursday
despite the reports of an explosion in the south oil region of Nigeria, Africa's
largest oil exporter, which weighed little on the price.
In London, Brent crude for September delivery dropped
4.74 dollars to settle at 131.07 dollars a barrel on the ICE Futures Exchange.
Wall Street rallies as oil prices trade below 130 USD
NEW YORK, July 17 (Xinhua) -- Wall Street continued its rally Thursday as oil prices traded below 130 U.S. dollars a barrel. The Dow Jones average rose more than 200 points.
Crude prices plunged more than 5 dollars to settle at 129.29 dollars a barrel on the New York Mercantile Exchange on concerns of U.S. economic woes.
Upbeat earnings from big names like Coca-Cola, JPMorgan Chase and United Technologies also boosted the stocks although investors were still nervous about the health of the U.S. economy. Full story
Dollar trades mixed on economic data, lower oil prices
NEW YORK, July 17 (Xinhua) -- The dollar was mixed against major currencies on Thursday as oil prices fell below 130 U.S. dollars a barrel and U.S. economic data delivered a mixed picture.
Light, sweet crude for August delivery dropped 5.31 dollars to settle at 129.29 dollars a barrel on the New York Mercantile Exchange. Prices have fallen nearly 16 dollars in just the past three days. Full story
