Daily Oil Market News
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Friday 22nd of May 2015

Crude oil prices fall again in New York

Story link: Crude oil prices fall again in New York by Elaine Frei
Crude oil prices fall again in New York

The price of crude oil was lower again Friday, falling for the fourth session in a row and the sixth time in the past seven trading days after most global equities markets declined and the euro was at an 18-month low versus the US dollar.

June contracts for West Texas Intermediate crude were $2.78 lower to $71.62 per barrel in afternoon trade on the New York Mercantile Exchange, while with June contracts expiring next week, July WTI was down $3.38 to $75.70 per barrel during the day and August contracts dropped $3.35 to $78.08 per barrel.

Meanwhile, Brent crude was last reported down $3.10 to $78.33 per barrel on the ICE Futures Europe exchange in London.

The declines came even though US consumer sentiment is up according to the most recent Reuters/ University of Michigan survey, US industrial production was up more than expected in April, and the Commerce Department reported that US retail sales were up slightly in April.

Nymex June gasoline was down 6 cents to $2.13 per gallon while June natural gas also dropped 6 cents, to $2.08 per gallon, and June natural gas fell 2 cents to $4.32 per million British thermal units.

The retail price of a gallon of gasoline also dropped slightly overnight, to $2.883 per gallon on average nationally, according to AAA.


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