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Oil prices drop on profit-taking

English.news.cn   2014-05-31 04:56:27

NEW YORK, May 30 (Xinhua) -- Oil prices dropped Friday as traders took profit of the previous day's gains.

Oil prices gained Thursday as a government report showed that crude inventories at Cushing, the delivery point for U.S. crude contracts, unexpectedly dropped last week. For the week ended May 23, stockpiles at Cushing, Oklahoma, depot for West Texas Intermediate (WTI), fell 1.5 million barrels to 21.7 million, the least since November 2008, said the Energy Information Administration (EIA).

Cushing stockpiles have slipped from 41.8 million barrels in late January as the southern leg of the Keystone XL pipeline started to transport crude to Gulf Coast refineries.

Crude prices were also weighed down by poor U.S. consumer data. U.S. personal consumption expenditure, which accounts for about 70 percent of the U.S. economic activity, decreased 0.1 percent in April, while personal income increased 0.3 percent, said the U.S. Commerce Department Friday.

U.S. consumer sentiment fell in May, with the Thomson Reuters/ University of Michigan's final reading of the index registered 81. 9, slightly higher than the preliminary reading of 81.8, but lower than market consensus of 82.5.

Light, sweet crude for July delivery edged down 87 cents to settle at 102.71 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for July delivery lost 56 cents to close at 109.41 dollars a barrel.

Editor: Mu Xuequan
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