Crude Closes At Lowest Levels Since Feb 2005
Crude oil fell, closing at the the lowest settlement since Feb. 9, 2005, after an Energy Department report showed that U.S. refineries curbed operating rates as the recession crimps fuel demand.
Crude oil for January delivery fell 17 cents, or 0.4 percent, to end at $46.79 a barrel in New York.
Energy Dept data showed that US refineries operated at 84.3 percent of capacity, down 1.8 percentage points from the week before. It was the biggest one- week drop since September, when hurricanes Gustav and Ike struck the Gulf Coast.
Crude-oil supplies fell 456,000 barrels to 320.4 million barrels last week, the department said. It was the first decline in 10 weeks. Inventories were forecast to climb 1 million barrels.
Crude oil for January delivery fell 17 cents, or 0.4 percent, to end at $46.79 a barrel in New York.
Energy Dept data showed that US refineries operated at 84.3 percent of capacity, down 1.8 percentage points from the week before. It was the biggest one- week drop since September, when hurricanes Gustav and Ike struck the Gulf Coast.
Crude-oil supplies fell 456,000 barrels to 320.4 million barrels last week, the department said. It was the first decline in 10 weeks. Inventories were forecast to climb 1 million barrels.