Crude Oil Prices May Fall This Week on Strong Supplies
rude oil prices could drop this week following strong supply reports last week, Bloomberg reported.
U.S. inventories for crude oil, gasoline and distillate fuels such as diesel fuel were above the five-year average in the past week, according to Department of Energy figures.
Benchmark light sweet crude oil futures for September delivery rose 35 cents to close at $59 a barrel Monday on the New York Mercantile Exchange, Bloomberg said.
Surging demand in China, the second-largest consumer after the United States, has helped push oil prices up 91% in the past two years, Bloomberg said. Chinese fuel use grew 15% last year.
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