Oil Down For 8 Out Of 9

    April 13, 2005

Oil prices fell were down for the eighth session out of nine to their lowest in six weeks.

OPEC is close to approving a 500,000 barrel-a-day increase in output.

According to a Canada.com article,

“Light, sweet crude for May delivery fell $1.85 to settled at $51.86 a barrel on the New York Mercantile Exchange, where unleaded gasoline futures fell 1.6 cent to close at $1.5338 a gallon. Heating oil futures declined by 2.18 cents to $1.4653 per gallon. On the International Petroleum Exchange in London, Brent crude fell $1.23 to $51.98 a barrel.

Oil prices are more than $6 below the intraday high set last week, though they remain 37 per cent higher than a year ago.”

Traders are awaiting today’s Energy Department inventory data.

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