Oil price drops ahead of G-7 meeting

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Friday April 15, 08:25

Oil price drops ahead of G-7 meeting

(by Julia Jenson)

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Crude oil prices declined after the news of increased US gasoline output before the peak in the summer driving season, and ahead of the G-7 meeting this weekend in Washington D.C. The leading nations have expressed their displeasure about surging energy costs, and Japan has said that they put pressure on its economic recovery. US blames China for the surge in demand that led to a hike in oil prices. The US President George Bush has said that China is «growing like mad».

Crude oil declined to $50.57 a barrel.

U.S. refineries produced 8.7 million barrels of gasoline a day in the past week, reported the Energy Department. This is the largest increase since October. That was the biggest gain since October, when The gain was triggered by some refineries resuming operations after the shutdown caused by Hurricane Ivan in September.

’’The fear that production wouldn’t keep up with demand for gasoline has somewhat eased,’’ said Anette Einarsen, an oil analyst in Oslo for Nordea Bank AB. ``Stockpile levels are starting to increase, which is normal for this time of year.’’

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Read the related news and articles:
27 May 2005 08:09 AM	Oil above $51, gains trimmed by dollar rise
26 May 2005 07:13 AM	Oil shoots up on weak US inventory report
25 May 2005 09:28 AM	Oil around two-week peak on shutdown of Texas refinery
24 May 2005 08:45 AM	Oil around same level as refineries step up output
23 May 2005 10:40 AM	Oil prices down on rising US inventories and French refineries resuming production

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