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Crude takes breather after big tumbles
17.07.08
Oil prices remained flat today after yesterday's big falls, with US crude remaining near $135 a barrel.
The markets were heartened by an unexpected rise in US inventories. US August crude was $134.90, up 30 cents while September Brent was 21 cents higher at $136.02. A US Energy Department report showed crude supplies rose by 2.95 million barrels to 296.9 million last week.
At one point, oil fell as low as $132, more than 10% below the record $147.27 reached on 11 July. US petrol stocks have also moved up sharply, rising by 2.47 million barrels to 214.2 million, with similar strong gains for distillates and heating oil.
US fuel stocks have risen partly because of the economic downturn, with motorists using their cars less. Petrol consumption averaged 9.3 million barrels a day over the past month, down 2.1% from a year ago.
The US is also gettingmore oil from abroad. Imports rose 13% to 10.8 million barrels a day in the week ended 11 July, the highest since last August.
