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May 3, 2010

Oil Falls Below $86

Oil prices dropped below $86 a barrel today from a 19-month high aided by a stronger dollar and an expected rise in US oil and fuel stocks. For June delivery, US crude declined 36 cents to $85.83 by 05.16GMT, while London Brent crude fell 44 cents to $88.50 a barrel. Oil reached a

By cms admin

Oil prices dropped below $86 a barrel today from a 19-month high aided by a stronger dollar and an expected rise in US oil and fuel stocks.

For June delivery, US crude declined 36 cents to $85.83 by 05.16GMT, while London Brent crude fell 44 cents to $88.50 a barrel.

Oil reached a high of $87.15 yesterday, the strongest front-month price since October 2008, pushed up by a possible short-term supply reduction following the massive oil spill off the coast of US.

A Reuters poll shows crude stocks are expected to increase by 1.2 million barrels, while distillate stocks are predicted to be up 1.8 million barrels and gasoline is forecast to rise by 200,000 barrels.

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