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Oil Prices Drop More Than $1 a Barrel
Friday April 8, 10:24 am ET
By Wee Sui Lee, Associated Press Writer
Oil Prices Drop More Than $1 a Barrel Amid Rising Crude Inventories, Sagging Gas Futures
SINGAPORE (AP) -- Oil prices fell for the fifth consecutive day Friday, dropping more than $1 a barrel amid rising U.S. inventories of crude and sagging gasoline futures.
Light, sweet crude for May delivery on the New York Mercantile Exchange fell $1.01 to $53.10 a barrel in morning trade. Heating oil prices dropped more than a cent to $1.5150 a gallon.
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Gasoline futures dropped more than a cent to $1.5538 a gallon after dropping 9 cents on Thursday.
Brent crude fell 59 cents to $53.45 a barrel on the International Petroleum Exchange.
The sell-off came after U.S. Energy Department data earlier in the week showed that the nation's gasoline production jumped 5.2 percent last week to its highest level this year and that the country's gasoline stockpiles were 5.7 percent higher than a year earlier.
The U.S. Energy Department also said the nation's inventory of crude oil was 317.1 million barrels, or 8 percent higher than last year. It was the eight consecutive week in which crude inventories rose.
Andy Xie, an economist for Morgan Stanley Asia in Hong Kong, said he believes recent comments from the U.S. Federal Reserve Chairman Alan Greenspan had a hand in pushing crude prices down.
"The most important thing is that a policy-maker is publicly talking about the prices," he said. "This will have a serious impact on the oil market."
Greenspan had said Tuesday that rising oil inventories may "damp the current price frenzy."
"Markets for oil and natural gas have been subject to a degree of strain over the past year not experienced for a generation," he said in a speech beamed by satellite to petrochemical executives in Texas.
"Much will depend on the response of demand to price over the longer run," Greenspan said. "If history is any guide, should higher prices persist, energy use will over time continue to decline, relative to GDP."
Xie said, however, he is unsure that the recent decline in crude futures mark the end of the oil price rally.
"Speculators can always come back and cash into the market," he said.
Analyst Tom Wallin in London told the Energy Intelligence Web site that "in the last month or so, the market has moved into the $50 range, and it now seems to be getting comfortable with that."
The price of oil is roughly 50 percent higher than a year ago, though still below the inflation-adjusted peak of about $90 a barrel set in 1980.
Energy traders have been skittish because of the world's limited excess production capacity, which they say leaves the global oil market more vulnerable than usual to supply disruptions. Global demand will average more than 84 million barrels a day, according to various industry estimates, while spare output capacity is believed to be about 1.5 million barrels.
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