Oil Trades Near Eight-Month Low on Saudi Shipments, Inventories
Gavin Evans
Oct. 11 (Bloomberg) -- Crude oil traded near an eight-month low after falling yesterday on speculation Middle East shipments and a seasonal dip in demand will increase global stockpiles.
Oil closed at its lowest since Feb. 16 yesterday after Saudi Arabia's state oil company told customers in Asia and Europe to expect no cutbacks in their November supplies. A U.S. government report tomorrow will probably show already above-average stockpiles in the world's biggest oil consumer gained an extra 1.5 million barrels last week.
``I think we're going to consolidate around here,'' said Mark Waggoner, president of Excel Futures Inc. in Huntington Beach, California. OPEC has ``already started slowing down production. They're just trying to make it formal now.'' story continued
Oct. 11 (Bloomberg) -- Crude oil traded near an eight-month low after falling yesterday on speculation Middle East shipments and a seasonal dip in demand will increase global stockpiles.
Oil closed at its lowest since Feb. 16 yesterday after Saudi Arabia's state oil company told customers in Asia and Europe to expect no cutbacks in their November supplies. A U.S. government report tomorrow will probably show already above-average stockpiles in the world's biggest oil consumer gained an extra 1.5 million barrels last week.
``I think we're going to consolidate around here,'' said Mark Waggoner, president of Excel Futures Inc. in Huntington Beach, California. OPEC has ``already started slowing down production. They're just trying to make it formal now.'' story continued
posted by anthony m, at Tuesday, October 10, 2006
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