World Oil Prices Recedes As U.S. Stock Reserves Grow

The price of oil on world commodity exchanges was falling Thursday morning on news U.S. strategic crude stock reserves were growing more than had been expected.
The price of a September futures contract for WTI light sweet crude in electronic trading on Nymex was down 80 cents to $77.22 a barrel by 6:50 Moscow time. The price of a September futures contract for North Sea Brent blend had dropped 78 cents to $76.86 in London.
Oil prices fell sharply the day before, losing more than 3 percent in the wake of pessimistic forecasts from the U.S. Federal Reserve. September WTI contracts dropped $2.23 to $78.02 a barrel, while September Brent contracts were down $1.96 to $77.64 per barrel.