US crude oil price drops to 14-month new low

The US Petroleum Association announced that its weekly crude oil stock to July 13 increased 5.56 mln barrels to 316 mln barrels vs the last week. The market previously anticipated that the crude oil stock would decrease 500,000 barrels. On the other hand, the crude oil import increased to 9.83 barrels each day, recording 8-week new high. Negatively affected by the news that US crude oil stock had increased, the price of New York crude oil in August decreased 43 cents or 1.7% to US$25.14 per barrel, approaching to the low level of US$25.1 on April 27, 2000.

Related stock : (NIL)