Energy update: Oil prices decreasing
Comments 
0
Published: November 6, 2009
NEW YORK — Oil prices slipped Thursday as investors questioned whether the country would regain its appetite for petroleum. Benchmark crude for December delivery gave up 78 cents to settle at $79.62 a barrel on the New York Mercantile Exchange. In London, Brent crude for December delivery fell 90 cents to settle at $77.99 on the ICE Futures exchange.
While the economy has shown signs of recovery, economists, including those at Cambridge Energy Research Associates, have predicted that world energy demand will continue to slide as automakers build cars with better mileage and countries embrace alternative fuels.
That assessment, combined with Energy Information Administration data that showed a drop in oil imports last week, helped drop crude prices. "The good news we’re hearing about the economy is not translating to a stronger oil market yet,” said Michael Lynch, president of Strategic Energy & Economic Research.
The EIA also said the country continues to sit on an ever-expanding natural gas stockpile that’s the largest on record. Last week, 3.79 trillion cubic feet of natural gas had been crammed into storage.
Prev
Something to say about this topic? Submit a Letter to the Editor online
Thank you for joining our conversations on newsok. We encourage your discussions but ask that you stay within the bounds of our terms and conditions. Please help us by reporting comments that violate these guidelines. To review our rules of engagement, go to Commenting and posting policy.
Log in below or sign up (it's free).