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Home >> Business
UPDATED: 15:21, May 02, 2007
Crude prices decline on higher stockpile expectation
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Crude prices fell about 2 percent Tuesday on expectations of rising supplies.

Light, sweet crude for June delivery was down 1.31 dollars at 64.40 a barrel on the New York Mercantile Exchange. London Brent crude fell 65 cents to 67.00 a barrel.

Gasoline for June delivery fell 1.47 cents to 2.2447 dollars a gallon on the New York Mercantile Exchange.

The Energy Department is due to report on oil and gasoline inventories on Wednesday while investors expect a rise on crude stockpiles.

Last week's Energy Department report showed an unexpected drop in U.S. gasoline stockpiles and refinery use.

The market appeared unaffected by the unrest in Nigeria Tuesday as six foreign oil workers were kidnapped and a Nigerian sailor was killed in the country.

Source: Xinhua


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