NEW YORK, Sept 1 (NNN-AGENCIES) – Oil prices fell yesterday, despite a drop in U.S. crude stockpiles.
The West Texas Intermediate for Oct delivery, lost 2.09 U.S. dollars, or 2.3 percent, to settle at 89.55 dollars a barrel, on the New York Mercantile Exchange. Brent crude for Oct delivery decreased 2.82 dollars, or 2.8 percent, to close at 96.49 dollars a barrel, on the London ICE Futures Exchange.
Prices continued to be pressured by fears that an inflation-induced economic slowdown would hurt fuel demand.
The U.S. Energy Information Administration (EIA), reported yesterday that, the nation’s crude oil inventories decreased by 3.3 million barrels, during the week ending Aug 26. Analysts surveyed by S&P Global Commodity Insights, expected a fall of 1.9 million barrels in U.S. crude supplies.
According to the EIA, total motor gasoline inventories decreased by 1.2 million barrels last week, while distillate fuel inventories increased by 0.1 million barrels.
On Tuesday, both the U.S. crude standard and Brent shed more than five percent, as demand worries prevailed.– NNN-AGENCIES
