Crude Oil Trades at $63 a Barrel

29 July 2009 (Last Updated July 29th, 2009 18:30)

Crude oil was slightly changed near a two-week low as stocks in the Asian market dropped and a government report showed crude supplies rose in the US, Bloomberg reported. Crude oil for September 2009 delivery was at $63.24 a barrel, down $0.11, on the New York Mercantile Exchange a

Crude oil was slightly changed near a two-week low as stocks in the Asian market dropped and a government report showed crude supplies rose in the US, Bloomberg reported.

Crude oil for September 2009 delivery was at $63.24 a barrel, down $0.11, on the New York Mercantile Exchange at 11.32am Singapore time.

Futures dropped as low as $62.76 today. On 29 July, it declined $3.88, or 5.8%, to $63.35.

According to a report released by the US Energy Department, crude oil stockpiles - anticipated by analysts to drop on recovering fuel demand - increased 5.15 million barrels to 347.8 million in the week ending 24 July.

The US and Asian stocks dropped for a second day on concerns that commodities prices have risen faster than a recovery in demand.

Brent crude oil for September 2009 settlement on London’s ICE Futures Europe exchange was at $66.65 a barrel, up $0.12, at 11.14am in Singapore. The contract fell $3.35, or 4.8%, to $66.53 on 29 July.