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Fluctuating oil prices create tremors in Intl market
06
Feb '08
The global stock market saw a drop in the fear of a probable US recession and this was followed by a decline in oil prices today which stood at US $88 a barrel.

Not only was the financial sector taken aback by the market reports, there was a doubt about the demand for energy weakening with the economy.

Available statistics show that light, sweet crude for March delivery dropped by 20 cents to US $88.21 by midday in Singapore, while the contract on the whole fell by $1.61 to settle at $88.41 a barrel on Tuesday.

Gasoline stockpiles were seen gathering 1.8 million barrels, while distillates, which include heating oil and diesel fuel, were seen falling 1.8 million barrels. Refinery use was seen dropping by 0.1 percentage point to 84.9 percent.

Heating oil prices fell 0.5 cent to $2.4415 a gallon, while gasoline prices lost 1 cent to $2.2547 a gallon. Natural gas futures added 3.4 cents to $7.976 per 1,000 cubic feet.

On the other hand, ICE Futures exchange in London lost 22 cents to $88.60 a barrel.

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