Speculation of a rise in US fuel inventories pulls down crude prices
31 October 2006
Crude oil prices declined in the global markets amidst speculations of a rise in US fuel inventories due to the reopening of a major port for tanker deliveries and forecasts of a warmer winter.
In the after-hours electronic trading on the New York Mercantile Exchange, crude oil for December settlement declined by $1.25 to $59.50 per barrel. The contract traded at $59.72 per barrel.