Oil Trades Near One-Week Low
July 29, 2010 09:31
Crude oil traded near a one-week low in New York on an unexpected increase in U.S. supplies as imports jumped to the highest level in almost four years.
Oil dropped 0.7 percent yesterday after an Energy Department report showed crude inventories climbed 7.31 million barrels to 360.8 million in the week ended July 23, the biggest gain since March 19. Analysts in a Bloomberg News survey had forecast stockpiles would tumble to a four-month low. Imports climbed to the highest level since August 2006. “Sentiment is very mixed,” Jonathan Barratt, managing director at Commodity Broking Services Pty in Sydney, said by telephone. “The oil market looks to be nicely controlled within a range. The fundamental story is not clear. We saw inventory builds at a time when we didn’t expect them to rise.”
Crude oil for September delivery was at $76.95 a barrel, down 4 cents, in electronic trading on the New York Mercantile Exchange at 9:37 a.m. Singapore time. Yesterday, the contract fell 51 cents to $76.99. Futures have dropped 3.1 percent so far this year.
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