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Partnership Proposal |
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Oil prices hold steady at US$136/bbl
After dropping 6.4 per cent over two trading sessions, June 9, saw
NYMEX oil prices essentially unchanged at US$136.05/bbl on the close.
The decline was due to reports that current energy prices are
exacerbating the poor economic situation in the US and impacting
other developed economies adversely. The lack of price movement on
June 9, occurred despite Iran’s test firing of nine missiles,
including one capable of striking Israel. In addition, US crude oil
inventories dropped by 2 per cent, or 5.9mbbl, compared to the
1.9mbbl expected by analysts.
Jim Ritterbusch, president of energy consultancy Ritterbusch and
Associates, noted that much of the large inventory decline was on
the West Coast and was not representative of supplies overall.
“Whenever it’s out on the West Coast region, the impact is blunted
appreciably,” he said.
Retail gasoline prices in the U.S. hovered at a record high just shy
of US$4.11/gal for the third straight day, according to the AAA, the
Oil Price Information Service and Wright Express. Diesel prices at
the pump rose by more than half a penny to a new high of US$4.813/gal.
Reported by the Associated Press and Bloomberg
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