Dip in US Oil Prices Could be Natural Pullback for Market

23 June 2009 (Last Updated June 23rd, 2009 18:30)

Oil prices dropped to less than $69 in the US on 24 June, negating the 2.6% gain experienced on 23 June and contradicting recent data that had shown a surge in US gasoline stocks. According to Reuters the market is awaiting confirmation of the American Petroleum Institute’s

Oil prices dropped to less than $69 in the US on 24 June, negating the 2.6% gain experienced on 23 June and contradicting recent data that had shown a surge in US gasoline stocks.

According to Reuters the market is awaiting confirmation of the American Petroleum Institute’s (API) figures with the release of the US Energy Information Administration’s (EIA) data.

Meanwhile US crude for August delivery rates fell $0.38 to $68.86 on 24 June after having settled at $69.24 on 23 June. London Brent crude also fell $0.43 to $68.37.

Experts believe today’s figures could indicate a natural pullback for the market following three consecutive weeks of increased gasoline stocks.