Oil prices again closed lower yesterday, confirming the continuation of the downtrend
Oil prices again closed lower yesterday, confirming the continuation of the downtrend that has been in the market for the past two weeks.
US light crude futures dropped 76 cents at $46.11 a barrel on the NYMEX. London?s Brent crude was down 75 cents at $42.29 a barrel on the IPE.
OPEC pains to pump more and slowing global demand growth has helped to replenish consumers' inventories and prompted speculative funds to shift money out of oil following a rally this year that brought prices up 70 per cent -at their height.
Recovering Gulf of Mexico production, disrupted by powerful Hurricane Ivan in September, has also helped push up stockpiles.
US crude inventories have risen by 22 million barrels, or 8 per cent, in the past seven weeks and analysts predict another 1.4 million barrels rise when the government releases its weekly supply status report on Wednesday.
