Wednesday, May 16, 2007

Oil Declines After U.S. Gasoline Inventories Climb, Nigerian Protest Ends

(Bloomberg) -- Crude oil fell after the Energy Department reported that U.S. oil and fuel supplies rose and protesters in Nigeria left an oil facility run by Royal Dutch Shell Plc.

Crude-oil inventories rose 1.06 million barrels to 342.2 million last week, the highest since June, the report showed. Supplies along the Gulf Coast surged 2.38 million barrels, according to the report. Gasoline and heating oil stockpiles also rose. The protesters will let Shell open the Nigerian facility and restore output of 170,000 barrels a day, Reuters reported.


Read more at Bloomberg Commodities News

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