World oil prices dropped to further lows below $61 a barrel after data showed a surge in US stockpiles of distillates, used for heating oil and diesel fuel. The inventories of distillates have gone up by 4.1 million barrels to 148.7 million in the week to September 15.
With the end of the driving season, the market has switched its attention from gasoline to heating fuels.
New York's light sweet crude hit $60.60, while In London, Brent North Sea crude dropped to $60.74.
New York's main contract, light sweet crude for delivery in October fell by 71 cents to $60.95 per barrel in pit trading.
Brent North Sea crude for November delivery plunged $1.03 to $61.14 per barrel in electronic trading.
Crude oil prices have shed almost 23 per cent in value since striking historic highs above $78 in July and August.
Picture Courtesy: www.flickr.com
Leave a comment