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Article: United States: Crude Oil Trades Near $126 a Barrel as Demand for Fuels Falls.
- Article from:
- TendersInfo
- Article date:
- May 31, 2008
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Byline: mayur03
Crude oil fell for a second day as record prices reduced demand for gasoline and jet fuel and a stronger dollar cut demand for commodities as a currency hedge.
Oil is heading for its biggest weekly decline in 10 after the U.S. Energy Department yesterday reported an 0.7 percent drop in fuel demand at the start of the driving season, when consumption normally rises. The dollar headed for a second monthly advance against the euro and the yen.
``You can definitely see the effect of high prices in the U.S. as demand is weakening,'' said Hannes Loacker, an analyst at Raiffeisen Zentralbank Oesterreich AG in Vienna. ``We're now at the ...