Haiz...as the world crude oil keeps on falling, our government keeps on pretending to be unaware of the situation and only decrease the price of petrol bit by bit. What a shame...when the petrol price go up, they quickly increased it by 78 cents, but when comes to reducing the price, it was only done by 10-15 cents....As I'm typing this post right now, the price of crude oil per barrel is at USD 67.40...so Malaysia government, where are you?
NEW YORK:: Oil prices tumbled below $67 a barrel to 16-month lows Wednesday after the government reported big increases in U.S. fuel stockpiles - more evidence that the economic downturn is drying up energy demand.The Energy Information Administration said crude inventories jumped by 3.2 million barrels last week, above the 2.9 million barrel increase expected by analysts surveyed by energy research firm Platts.
Gasoline inventories rose by 2.7 million barrels last week, and inventories of distillates, which include heating oil and diesel, rose by 2.2 million barrels.
Over the last four weeks, the EIA said, motor gasoline demand was down 4.3 percent from the same period last year. Distillate fuel demand was down 5.8 percent, and jet fuel demand was down 9.2 percent.
Light, sweet crude for December delivery fell $5.43 to settle at $66.75 a barrel on the New York Mercantile Exchange, after falling as low as $66.20.
It was the lowest close for a front-month contract since June 13, 2007, when crude settled at $66.26.
On London's ICE futures exchange, Brent crude fell $5.20 to $64.52 a barrel.
"The main theme here that's driving this market into new low ground is demand deterioration,'' said Jim Ritterbusch, president of energy consultancy Ritterbusch and Associates.
"As we begin to see evidence that demand is leveling - it doesn't have to increase, just level - then we can start discussing a possible price bottom. But it appears premature at this point.''
The news article is from The Star 23 Oct
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