costarios
21-05-2004, 15:31
11:04am 05/21/04
Crude futures fall under $40 By Myra P. Saefong
SAN FRANCISCO (CBS.MW) -- June crude fell as low as $39.90 per barrel on the New York Mercantile Exchange after Saudi Arabian Oil Minister Ali al-Naimi said OPEC should raise its oil output by more than two million barrels per day, according to a report from Reuters. The Saudis had previously been proposing a 1.5 million-barrel hike. At last check, June crude was at $39.95, down 85 cents. "The recent revisions in oil demand and supply projections for the coming months point to an increase in required production from OPEC by an excess of two million barrels per day," Reuters quoted al-Naimi as saying. June unleaded gasoline is down 2.92 cents at $1.421 per gallon. June heating oil is down 2.31 cents at $1.004 per gallon.
Crude futures fall under $40 By Myra P. Saefong
SAN FRANCISCO (CBS.MW) -- June crude fell as low as $39.90 per barrel on the New York Mercantile Exchange after Saudi Arabian Oil Minister Ali al-Naimi said OPEC should raise its oil output by more than two million barrels per day, according to a report from Reuters. The Saudis had previously been proposing a 1.5 million-barrel hike. At last check, June crude was at $39.95, down 85 cents. "The recent revisions in oil demand and supply projections for the coming months point to an increase in required production from OPEC by an excess of two million barrels per day," Reuters quoted al-Naimi as saying. June unleaded gasoline is down 2.92 cents at $1.421 per gallon. June heating oil is down 2.31 cents at $1.004 per gallon.