Oil prices closed at their lowest level in five months Thursday as a lower-than-expected drop in U.S. gasoline supplies gave traders more reason to believe that a cooling economy is forcing Americans to drive less. However, potential supply interruptions should ensure that oil does not pull back too much. Light, sweet crude for October delivery fell $1.46 to settle at $107.89 a barrel on the New York Mercantile Exchange. It was the lowest settlement price for a front-month contract since April 4. MCX Crude Oil for October expiry closed the session at Rs 4824 per barrel. The contract also touched a low of Rs 4751 per barrel.
In its weekly inventory report, the Energy Department's EIA said U.S. gasoline stocks fell by 1 million barrels to 194.4 million barrels for the week ending Aug. 29. Tropical storm Hanna seems likely to hit the Atlantic coast of the US, missing the Gulf of Mexico, but likely worry is from Ike, which has already reached category 4-hurricane strength. It is still too early to say what course it will take, but there are risks of potential supply interruptions.
In its weekly inventory report, the Energy Department's EIA said U.S. gasoline stocks fell by 1 million barrels to 194.4 million barrels for the week ending Aug. 29. Tropical storm Hanna seems likely to hit the Atlantic coast of the US, missing the Gulf of Mexico, but likely worry is from Ike, which has already reached category 4-hurricane strength. It is still too early to say what course it will take, but there are risks of potential supply interruptions.
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