Crude oil fell on Tuesday, snapping four days of gains, on concern a U.S. government report will show stockpiles climbed from the highest level since September 1990. Crude oil for June delivery declined as much as 77 cents, or 1.4 per cent, to $53.70 a barrel in electronic trading on the New York Mercantile Exchange. Oil is up 21 per cent this year.
It was a stock that people loved to hate. During the first half of 2008, investors cringed when they saw rallies in the price of oil. As crude surged to $150 a barrel last year, equity investors bemoaned the hit, and worried and gossiped about the outlook for consumer-oriented firms which would need to spend more on gas. Then the tide turned.
India’s domestic crude oil product sales in February surged a meagre 0.1 percent from a year earlier, its weakest pace since October, as demand dipped because of the dwindling economy. For full story, click here
As world crude prices rise, oil marketing companies are selling petrol at a loss, eliminating intense political pressure on the government to lower pump prices a third time ahead of the general elections. For full story, click here
Get our independent commentary on oil trends and companies delivered to your inbox.
