Oil slumps on Europe risk, weak supply

Oil slumps on Europe risk, weak supply

28 April 2010

Written by Kim Bardsley

Crude oil prices continued to slide this morning (April 28th), extending losses seen yesterday as Greece's debt rating was downgraded to junk status by ratings agency Moody's.

In the US the American Petroleum Institute also revealed a supply glut across oil, heating oil, gasoline and other products.

According to the group, crude supplies rose 5.3 million barrels last week, more than five times the size of the increasing analysts polled by Reuters had expected.

Speaking to the news agency, David Moore, an analyst at the Commonwealth Bank of Australia, commented: "US oil demand is weak. Over the course of this year we may see inventories decrease a bit, but overall they will probably remain relatively high."

By 02:34 Central Standard Time, the headline crude contract on the New York Mercantile Exchange was trading at $82.02 (£53.88) a barrel, down 42 cents on yesterday's settle price.

Crude losses this week have now exceeded three per cent.

Click here for a home heating oil quoteADNFCR-730-ID-19746549-ADNFCR

RSS News Feed

Stay up to date with our RSS newsfeed with articles for all home heating oil users including market/price news and environmental issues.

RSS newsfeed

Heating Oil Prices

Every day we check the lowest 1000 litre price of home heating oil from all our suppliers in all postcode areas and we log the minimum, maximum and average of all these prices. We then provide that information to you in a graph so you can make better decisions when buying your heating oil.

More info