Prices Fall on Lower US Stocks

18 May 2011 (Last Updated May 18th, 2011 18:30)

The price of US crude steadied this morning after falling to almost $100 a barrel after a sudden decrease in US crude stocks. US crude for June delivery dipped 19¢ to stand at $99.91 a barrel, while ICE Brent for July fell 3¢ to $112.27. According to Reuters, increa

The price of US crude steadied this morning after falling to almost $100 a barrel after a sudden decrease in US crude stocks.

US crude for June delivery dipped 19¢ to stand at $99.91 a barrel, while ICE Brent for July fell 3¢ to $112.27.

According to Reuters, increased refinery operating rates affected oil prices and caused an unexpected drop in US crude inventories.

A wildfire in Alberta, Canada, which threatened supplies, may have also influenced the drop in oil prices.