Crude Slides Lower On Stocks Data
Crude oil fell for a second day Thursday as U.S. crude and gasoline inventories increased more than forecast and the global economic crisis curbed demand.
Oil supplies rose 8.12 million barrels to 302.6 million barrels in the week ended Oct. 3, as imports and output resumed after halting last month for hurricanes, the Energy Department said yesterday. The agency on Oct. 7 cut its 2008 oil demand forecast by 340,000 barrels to 86.14 million barrels a day.
At 8.25am BST November crude was $1.21 lower at $87.74/barrel.
Oil supplies rose 8.12 million barrels to 302.6 million barrels in the week ended Oct. 3, as imports and output resumed after halting last month for hurricanes, the Energy Department said yesterday. The agency on Oct. 7 cut its 2008 oil demand forecast by 340,000 barrels to 86.14 million barrels a day.
At 8.25am BST November crude was $1.21 lower at $87.74/barrel.
