Return
to Story Page
To print: Select File and then Print from your
browser's menu
REUTER
London, May 7: World oil prices skidded lower on Thursday as refiners hit by recent refining losses cut back heavily on purchases. International benchmark Brent crude oil futures lost nearly 50 cents to dip to as low as $16.55 a barrel, shedding the gains that took the June contract to a 16-month high of $17.09 on Wednesday. Crude oil's recent price rally has increased costs for refiners, who have started cutting back their consumption and depressing demand for crude. Royal Dutch/Shell Group, reporting its first quarter results, said it saw low refining margins in Europe continuing.
It said in Europe, high distillate stocks and rising crude prices ``could prevent any substantial margin recovery over the summer, and in Asia Pacific, significant surplus capacity will sustain downward pressure on margins.'' Crude oil hoarded in storage tanks during last year's price crash was beginning to be sold off, piling further downward pressure on prices.
Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.
------------------------------------------------------------
This story was printed from Net Express located at http://www.expressindia.com. Net Express provides a portal to India, with news from The Indian Express and The Financial Express along with sites on travel and tourism, the entertainment industry, the power sector, the environment and much more.
------------------------------------------------------------