Oil set for weekly decline

Date: 30 July 2010, 10:22
 
The price of oil is set for its biggest weekly fall in around a month after declining during commodity trading in New York.
Alt News Text The price of oil had dropped today
 

Concerns over the pace of the global economic recovery have put oil on track for its biggest weekly decline for around a month.

During commodity trading on the New York Mercantile Exchange today (July 30th), crude for delivery in September was down by as much as 0.4 per cent, pricing it at $78.06 (£49.97) per barrel.

By 13:32 local time in Singapore the contract had risen slightly to $78.13 per barrel, but this was still short of the $78.36 it closed on yesterday.

As a result, the commodity is expected to decline in value by 1.1 per cent this week, however, on a monthly basis, prices are likely to have gained by around 3.3 per cent - the largest increase since March.

On Wednesday, prices of oil for delivery in September fell following an unexpected increase in supply, with the news agency reporting the US Energy Department saw stocks climb to 360.8 million barrels in the week to July 23rd.

Posted by Gareth Mann
 
 
 

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