Crude Oil Futures Decline on Thursday as Fed Fails to come with Solution for US Economy
Crude oil futures fell on Thursday on doubts over US economy. Investors were disappointed as US Federal Reserve’s Chairman Ben Bernanke failed to come up with any proper solution to boost US economy.
Crude oil futures contract for October delivery fell 0.3 percent or $0.29 to settle at $89.05 per barrel on New York Mercantile Exchange. Crude oil futures did traded with some bullish sentiments in the session earlier on decline of 4 million barrels in crude oil inventories reported by Energy Information Administration. The EIA reported increase of 200,000 barrels in the gasoline stockpiles against the expected fall of 900,000 barrels. Distillates inventories which include heating oil and diesel also surged 700,000 barrels for the week while analysts expected the increase of 600,000 barrels.
Gasoline futures contract for October delivery fell 0.8 percent or $0.02 to $2.88 per gallon while heating oil futures for October delivery declined $0.03 to $3.04 per gallon.
Natural gas futures contract for October delivery gained 1 percent or $0.04 to $3.98 per million British thermal units. Energy Information Administration reported the increase of 64 billion cubic feet in natural gas supplies for the week ended September 2nd, 2011 while analysts expected the increase of 58 to 62 billion cubic feet for the respective period.
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