Oil Falls on U.S. Fuel Demand Report: Bloomberg

By Midnight Trader,  August 08, 2012, 02:51:23 PM EDT

Oil in New York fell for the first time in four days after a government report showed fuel demand weakened last week and on concern that the Federal Reserve won't implement additional stimulus measures, Bloomberg reports.

Prices declined 0.3%, the report said, as the Department of Energy said U.S. petroleum demand decreased for the first time in four weeks. The report also showed oil supplies dropped less than in an American Petroleum Institute reported yesterday. Dallas Fed President Richard Fisher said central banks may not have the capacity to undertake more stimulus.

Crude for September delivery fell 32 cents to settle at $93.35 a barrel on the New York Mercantile Exchange after increasing to $94.72, the highest intraday level since May 15. Prices have fallen 5.5% this year.

Brent oil for September settlement rose 15 cents to $112.15 on the London-based ICE Futures Europe exchange.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

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