Oil prices fell yesterday despite another decline in crude supply, with lingering doubts about whether people and businesses will be using more energy anytime soon.
Crude supplies have fallen in seven out of the past eight weeks, according to a U.S. government report yesterday. Benchmark crude for August delivery fell 58 cents US?to settle at $69.31 a barrel on the New York Mercantile Exchange with one trading day left in a holiday-shortened week. In London, Brent prices lost 51 cents to settle at $68.79 a barrel on the ICE Futures exchange.
All major fuel futures fell on Nymex yesterday, and gasoline led the way. Average retail gasoline prices have now fallen for 10 straight days.
The U.S. Energy Department said in its weekly report that the massive surplus of oil in the U.S.
continued to shrink last week. Crude supplies fell more than some expected, losing 3.7 million barrels for the week ended June 26.
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