Crude slumps below USD 52/bbl

Published on Fri, Jan 12, 2007 at 08:34 |  Source : Moneycontrol.com

Updated at Fri, Jan 12, 2007 at 09:19  

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Crude prices plunged below USD 52 after a report showed that US fuel consumption tumbled to nearly 3-year lows.

 

Fuel use dropped 4% last week as mild weather curbed heating-oil use. The report also showed that supplies of gasoline and distillate fuel rose for the fourth week.

 

The prices were also under pressure as the OPEC President urged members to comply with output cuts they agreed to make in November and February.

 

Currently, crude is trading at USD 52.57 per barrel, up 69 cents in after hours access trading on the Nymex.

  

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Tags: Crude, fuel , oil, OPEC, Nymex
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