Crude Oil Futures Fell on Profit Taking
Crude oil futures fell on Thursday as the investors went for profit taking. Crude oil futures for November delivery fell 0.9 percent or $0.81 to $85.30 per barrel on the New York Mercantile Exchange. It touched the intraday low of $84.10 per barrel.
Moreover the death of Libya’s leader Moammar Gadhafi further put pressure on prices, lifting hopes for the supply of crude oil.  The crude oil prices also had pressure as European leaders are trying to postpone European Summit meeting due on weekend.
Gasoline futures contract for November delivery slightly gained to $2.68 per gallon while heating oil futures contract for the same month delivery advanced $0.05 or 1.6 percent to $3.03 per gallon.
Natural gas futures contract for November delivery gained $0.04 or 1.2 percent to $3.63 per million British thermal units. As per its latest report of Energy Information Administration natural gas inventories increased to 103 billion cubic feet for week ended October 14th, 2011 while analysts expected the increase of anywhere between 109 to 113 billion cubic feet for the respective quarter.
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