Oil price dropped feb 14 2012

Oil price dropped feb 14 2012 : Oil dropped from the highest price in almost five weeks on speculation fuel demand may falter as crude supplies rise in the U.S., the world’s biggest consumer of the commodity, and Europe struggles to tame its debt crisis. Futures slipped as much as 0.5 percent after closing at the highest since Jan. 10 yesterday. An Energy Department report tomorrow may show stockpiles increased a fourth week,

the longest run of advances since April. Moody’s Investors Service cut the debt ratings of six European countries and revised its outlook on the U.K.’s and France’s top Aaa rating to “negative.”Oil for March delivery slid as much as 45 cents to $100.46 a barrel in electronic trading on the New York Mercantile Exchange. It was at $100.59 at 10:35 a.m. Sydney time.

The contract yesterday rose 2.3 percent to $100.91 for the biggest gain since Jan. 3. Prices are 19 percent higher the past year.U.S. Crude inventories probably increased 1.6 million barrels last week.Moody’s lowered its ratings on Spain, Italy, Portugal, Slovakia, Slovenia and Malta, citing “uncertainty over the euro area’s prospects for institutional reform of its fiscal and economic framework.”
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