Oil prices drop on U.S. oil inventory increase

Chemical News: Oil prices drop on U.S. oil inventory increase

https://www.chemnet.com Oct 18,2007 Xinhua
NEW YORK, Oct. 17 (Xinhua) -- Oil prices dropped Wednesday after a stronger-than-expected U.S. energy stockpiles report offset geopolitical tensions centered on the oil-rich Middle East.

New York's main futures contract, light sweet crude for delivery in November, lost 21 cents to settle at 87.40 U.S. dollars a barrel, the first close lower after six straight sessions of rising prices.

The New York contract earlier spiked to a new high of 89.00 dollars in intraday trade, just after the Turkish parliament approved military raids against PKK rebels based in oil-rich northern Iraq.

The U.S. Department of Energy said Wednesday that U.S. crude reserves jumped 1.8 million barrels in the week ended Oct. 12, beating analysts' forecasts of 1.05 million.

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