Many analysts believed that US oil supplies probably rose by 1.25 million barrels from current 324.4 million, while gasoline stockpiles probably gained by 875,000 barrels. Fuel supplies increased because the Organization of Petroleum Exporting Countries had boosted production to reduce record prices that might slow economic growth.
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Oil Prices Fell To 2 Month Low
Crude oil futures fell to a two-month low Tuesday as traders
Crude oil futures fell to a two-month low Tuesday as traders widely speculated that US crude inventories and gasoline production increased last week.
Light, sweet oil futures for June delivery fell $1.42 to end at $49.50 a barrel, the lowest close since Feb. 18 on the New York Mercantile Exchange. Oil futures settled below $50 a barrel last Friday.
Meanwhile, at London's International Petroleum Exchange the June Brent oil-futures contract dropped 57 cents to settle at $50.52 per barrel.
Many analysts believed that US oil supplies probably rose by 1.25 million barrels from current 324.4 million, while gasoline stockpiles probably gained by 875,000 barrels. Fuel supplies increased because the Organization of Petroleum Exporting Countries had boosted production to reduce record prices that might slow economic growth.
Many analysts believed that US oil supplies probably rose by 1.25 million barrels from current 324.4 million, while gasoline stockpiles probably gained by 875,000 barrels. Fuel supplies increased because the Organization of Petroleum Exporting Countries had boosted production to reduce record prices that might slow economic growth.
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