Reply #9: Crude oil prices drop to $66.18 a barrel [View All]

[ozymandius]

Oil prices fell slightly Thursday on a U.S. government report indicating refiners are not producing enough gasoline to meet demand.

Light, sweet crude for July delivery dropped 8 cents to $66.18 a barrel on the New York Mercantile Exchange midday in Europe — after jumping 91 cents to settle at $66.26 a barrel on Wednesday.

Prices rose Wednesday after the U.S. Energy Information Administration's weekly snapshot showed U.S. gasoline stockpiles were unchanged last week and refinery utilization fell.

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Gasoline inventories were unchanged at 201.5 million barrels for the week ended June 8, the EIA report said. Analysts had expected inventories to rise by 2 million barrels. Stockpiles are 6 percent lower than inventories in the same week a year ago.

http://news.yahoo.com/s/ap/oil_prices