Current Crude Oil Price Drops to $94
The current crude oil price fell lower than $94 per barrel as traders took in disappointing economic data from Europe and the U.S. and as the crude inventories of the U.S. stayed high.
On the NYMEX, the U.S. benchmark crude for delivery in June was 37 cents lower to $93.93 per barrel. The contract gained 9 cents during the previous trading day.
Last week, applications for unemployment assistance in the United States posted a 32,000-increase to a seasonally adjusted, six-week high of 360,000, said the Labor Department.
The latest data showed that the economy of the eurozone contracted for the sixth straight quarter in January to March as Germany, the bloc’s largest member, only grew by 0.1 percent and France dipped into recession.
In the meantime, the Federal Reserve of the United States said that April’s factory output fell 0.4 percent, the third drop in four months.
Moreover, sufficient inventories of oil and gasoline in the U.S. weighed heavily on prices.
The U.S. Energy Department said the country’s crude oil stockpiles stayed close to all time peaks in the past week in spite of moving 624,000 lower to 395.9 million barrels. Gasoline supplies, which had been anticipated to decrease, gained 2.58 million barrels.
In London’s ICE Futures Exchange, Brent, the benchmark used to assign prices to international crude types, was 39 cents higher to a crude price per barrel of $103.89.
In other NYMEX trading, the price of wholesale gasoline moved 0.6 cent lower to $2.854 per gallon. The cost of heating oil moved 1.54 cents up to $2.8955 per gallon. And the price of natural gas moved 0.4 cent down to $4.066 per thousand cubic feet (Mcf).