Crude oil prices continues sliding on US stocks build-up

Crude oil prices continues sliding on US stocks build-up

Singapore (Platts)--29Oct2004


Crude prices remained on a downslide in Asia Friday as markets continued to
sell on Wednesday's report of a higher-than-expected crude stocks build in the
US, especially in the absence of any fresh news to sway sentiment. Benchmark
North Sea sweet crude Brent on London's International Petroleum Exchange slid
under the $48/bbl mark Friday. 

The December Brent contract had shed a further
44cts from Thursday's weak IPE close to trade around $47.83/bbl in the early
electronic session Friday. Front-month Brent futures were last below this
level on Oct 13. New York's December West Texas Intermediate crude futures
also weakened to $50.60/bbl early Friday in after-hours Access trade, sliding
further from Thursday's settle of $50.92/bbl on the New York Mercantile
Exchange. WTI prices have slumped more than 9% from the historic high trade of
$55.67/bbl recorded on Oct 25 since the DOE reported a surprise build of 4-mil
bbl in US commercial crude stocks Wednesday.

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