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Crude oil prices decline

2008-05-30 14:21:31 (GMT) (Caymanmama.com - Business News)

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New York City, New York (CaymanMama.com) — CNN reported that on Thursday, the prices of oil fell down by more than $4. The delivery for July settled down for $126.62 per barrel in the New York Mercantile Exchange. According to Energy Information Administration, this decline of 3.37% is one of the biggest on the basis of percentage.

The EIA, in its week report of inventories said that the stocks of crude have decreased by around 8 million barrels during the last week while an increase by 750,000 barrels was expected. But the online report issued by EIA said that the drop is due to some temporary delay in off-loading of tanker on Gulf Coast. It has been estimated that the oil which is missing in the report may be in the tankers of the Mexican Gulf where usually the fog closes the ports during this part of the year.

The Commodity Future Trading Commission has said that it has launched a countrywide investigation for contracts of purchase, storage, trading and transportation of the crude oil and other products of petroleum during December. While usually such investigations are kept secret, they said that they are making this known to the public keeping in view the present market conditions. The CFTC has not indicated about when will the investigation finish or when will they make the results publicly known.



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