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Home >> Business
UPDATED: 08:33, May 08, 2007
Crude prices continue decline
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Crude oil prices fell on Monday for the sixth straight session as concerns eased on supply shortfall in the U.S. market.

Light, sweet crude for June delivery declined 46 cents a barrel to 61.47 dollars on the New York Mercantile Exchange.

London Brent crude was down 87 cents lower at 64.44 dollars a barrel.

The Monday's decline came after a sharp fall last week on continued expectations of weak crude demand.

The Department of Energy, which said in January to buy up to 129,033 barrels of crude oil a day, announced last week that it would reject bids for the purchase of up to 4 million barrels of crude as too high.

Meanwhile, the weekly inventory report showed U.S. crude oil stocks rose by 1.1 million barrels last week.

Source: Xinhua


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