Crude Oil Trades at Just More Than $65 a Barrel

22 July 2009 (Last Updated July 22nd, 2009 18:30)

The price of crude oil was slightly changed after falling on a rise in US fuel stockpiles, which added to concern that the recovery in demand in the country may be slow. Crude oil for September delivery on the New York Mercantile Exchange traded at $65.47 a barrel, up $0.07, at 10.42am i

The price of crude oil was slightly changed after falling on a rise in US fuel stockpiles, which added to concern that the recovery in demand in the country may be slow.

Crude oil for September delivery on the New York Mercantile Exchange traded at $65.47 a barrel, up $0.07, at 10.42am in Singapore, after dropping as low as $65.04.

On 22 July it dropped $0.21, or 0.3%, to settle at $65.40, ending a five-day advance.

Prices are down 11% from an eight-month high of $73.38 reached on 30 June.

According to an Energy Department report, US gasoline and distillate fuel inventories increased for a sixth week in the week to 17 July. Gasoline supplies increased 813,000 barrels to 215.4 million barrels.

Most Asian shares dropped, with three stocks declining for every two that gained on the MSCI Asia Pacific Index. US shares were down on 22 July, with the Standard & Poor’s 500 Index slipping 0.1% from an eight-month high in New York. The Dow Jones Industrial Average dropped 34.68 points, or 0.4%.

US crude stockpiles fell 1.8 million barrels to 342.7 million, the Energy Department also said in its weekly petroleum status report. This was less than a median 2.1 million-barrel decrease forecast by 15 estimates in a Bloomberg News survey.

Brent crude for September 2009 settlement on London’s ICE Futures Europe exchange traded at $67.37 a barrel, up $0.16, at 10.40am Singapore time. The contract dropped as low as $66.87 earlier on 23 July.