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Oil price falls on expectations of increased US supplies

Oil price falls on expectations of increased US supplies
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First Published: Wed, May 02 2007. 12 19 AM IST
Updated: Wed, May 02 2007. 12 19 AM IST
New York: Crude oil fell in New York on speculation that a US government report on Wednesday will show that inventories rose as some refineries shut units for maintenance.
Oil supplies probably increased 1.5 million barrels, according to a survey of analysts. Maintenance at some US refineries caused oil supplies to rise to 334.5 million barrels the week ended 20 April, the highest in almost five months.
“Without refineries running, our processing rates are not going to be as good” as they should be, said Jack Hunter, an energy trader with FC Stone Group in Kansas City, Missouri. “That means crude oil will be sitting there.”
Crude oil for June delivery fell 55 cents, or 0.8% to $65.16 a barrel on the New York Mercantile Exchange.
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First Published: Wed, May 02 2007. 12 19 AM IST
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