Oil Slips; Rising U.S. Heating-Fuel Supply Eases Winter Concern
Dec. 1 (Bloomberg) -- Crude oil fell for a fourth day in five in New York as rising stockpiles of heating fuels in the U.S., the world's largest consumer, eased concern shortages would develop this winter.
U.S. supplies of distillates, including heating oil, rose three times more than expected last week as refineries produced more, a government report showed yesterday. Stockpiles of heating oil were 4 percent higher than their five-year seasonal average.
``Most people were concerned that distillate stocks coming into the winter were a bit low,'' said Simon Wardell, an oil analyst at Global Insight in London. ``This build shows that crude is being pushed through the system and into the right product.''
Crude oil for January delivery fell 30 cents, or 0.5 percent, to $57.02 a barrel at 10:06 a.m. London time on the New York Mercantile Exchange, down 20 percent from a record $70.85 on Aug. 30. Brent crude for January declined 36 cents, or 0.7 percent, to $54.69 a barrel on London's ICE Futures exchange.
Guess who I blame? I'll spot you a B, U, S......
