Oil prices slashed again in Asian trading. Light, sweet crude for June delivery dropped 34 cents to $65.37 a barrel in midmorning Asian electronic trading on the New York Mercantile Exchange.
U.S also noticed decline in the prices, which fell 75 cents and settled at $65.71, while gasoline prices rose on reports of another series of U.S. refinery problems, raising concerns that crude oil supplies were building up which put more pressure on U.S. gasoline inventories, which have fallen for 11 weeks in a row.
The market is scrutinizing Nigeria and Iran as Nigeria’s oil-rich Niger delta has face an upsurge of armed violence in recent years, most of it the kidnapping for ransom of foreign oil workers and on the other side Iran has showed apprehension with U.S, which resulted to supply disruptions.
In other Nymex trading, heating oil were unchanged at $1.9135 a gallon, while natural gas prices slashed by 7.7 cents to $7.786 per 1,000 cubic feet.
Via: reuters
image: google
