Oil prices dropped to near USD 68 a barrel today in Asia as an unexpected jump in US crude inventories suggested consumer demand remains in the doldrums.
Benchmark crude for November delivery was down 71 cents at USD 68.26 a barrel by midday Singapore time in electronic trading on the New York Mercantile Exchange. The contract tumbled USD 2.79 to settle at USD 68.97 yesterday.
The USD 70 a barrel level has been a magnet for months, with growing optimism that the global economy is recovering from recession offset by signs that crude demand isn't picking up.
Crude supplies grew by 2.8 million barrels and gasoline by 5.4 million barrels last week, according to the Energy Information Administration yesterday. Analysts had expected crude levels to decline by nearly that much, according to a survey by Platts, the energy information arm of McGraw-Hills Cos.
Source:ptinews
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