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Monday 08th of September 2008
28/9/2007

WTI drops in late trade

Story link: WTI drops in late trade by Elaine Frei
WTI drops in late trade

Crude oil prices fell late on the session on Friday, with November contracts for West Texas Intermediate crude down $1.26 at the close of floor trade on the New York Mercantile Exchange to $81.62 per barrel after rising to as high as $83.76 per barrel, less than a dollar below the inflation-adjusted all-time high.

The early gains came on a government report that US consumer spending was up in August, but prices declined on news that refiners margins have dropped to $6.59 per barrel, their lowest in nearly a year.

Investors were also concerned about Tropical Storm Karen, which was not expected to reach hurricane status but is nonetheless likely to take a path into the Gulf of Mexico next week.

Nymex November gasoline dropped 1 cent to $2.07 per gallon, while November heating oil was down 5 cents to $2.22 per gallon and November natural gas fell 4 cents to $6.88 per million British thermal units.

 

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