Oil prices at near 22-month low
Posted: Sat Feb 11, 2012 1:48 amOil prices at near 22-month low
« Thread Started on Nov 19, 2008, 9:43pm »
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Oil prices at near 22-month low
Posted: 04:20 PM ET
By Kenneth Musante
CNNMoney.com staff writer
NEW YORK (CNNMoney.com) — Oil prices fell to a nearly 22-month low Wednesday after a government report showed a bigger-than-expected rise in crude inventories, reinforcing concerns that demand for petroleum products is waning.
U.S. crude for December delivery fell 77 cents to $53.62 a barrel. The last time prices were this low was January 2007. Just before the report, the contract - which expires Thursday - was up 63 cents at $55.02.
The Energy Department said crude supplies rose by 1.6 million barrels in the week ended November 14. Analysts had expected to see a rise of 1.2 million barrels of crude oil, according to energy research firm Platts.
« Thread Started on Nov 19, 2008, 9:43pm »
--------------------------------------------------------------------------------
Oil prices at near 22-month low
Posted: 04:20 PM ET
By Kenneth Musante
CNNMoney.com staff writer
NEW YORK (CNNMoney.com) — Oil prices fell to a nearly 22-month low Wednesday after a government report showed a bigger-than-expected rise in crude inventories, reinforcing concerns that demand for petroleum products is waning.
U.S. crude for December delivery fell 77 cents to $53.62 a barrel. The last time prices were this low was January 2007. Just before the report, the contract - which expires Thursday - was up 63 cents at $55.02.
The Energy Department said crude supplies rose by 1.6 million barrels in the week ended November 14. Analysts had expected to see a rise of 1.2 million barrels of crude oil, according to energy research firm Platts.