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Oil down slightly, market awaits demand outlook
Aggregated Source: Shanghai Daily: Business

Oil stalled yesterday, after last week's 4 percent gain, as traders await the latest readings on oil supplies and updated forecasts for demand.

US benchmark oil for July delivery fell 26 cents to close at US$95.77 per barrel on the New York Mercantile Exchange. Oil rose US$4.06, or 4.4 percent, last week and closed at US$96.03 a barrel on Friday.

Traders are waiting for updated forecasts on global oil demand. OPEC and the US Energy Department issue their monthly reports Tuesday, while the International Energy Agency, an umbrella group for the world's oil consuming nations, gives its update Wednesday.

The Energy Department also comes out with its weekly report on oil and fuel supplies, as well as demand for gasoline in the US Last week's report of a bigger than expected drop in oil supplies helped boost oil prices.

Brent crude, a benchmark for many international oil varieties, fell 61 cents to US$103.95 a barrel on the ICE Futures exchange in London.

In other energy futures trading on the Nymex:

- Wholesale gasoline slipped 2 cents to US$2.85 a gallon.

- Heating oil fell less than 1 cent to US$2.88 per gallon.

- Natural gas dropped 3 cents to US$3.80 per 1,000 cubic feet.

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Copyright Shanghai Daily: Business