Oil Futures Tumble a $1 per Bbl. - KAIT Jonesboro, AR - Region 8 News, weather, sports

New York (AP)

Oil Futures Tumble a $1 per Bbl.


NEW YORK (AP) _ Crude futures are tumbling, continuing a trend
that's been seen all this week, down nearly four dollars this week.

Light sweet crude for September delivery has dropped more than a
dollar, trading below 71 dollars a barrel on the New York
Mercantile Exchange.

The U-S Energy Department reported the nation's commercial crude
oil inventories fell over the past week, though they're still well
above the average range for this time of year.

Crude oil prices have dropped as a cease-fire holds in Lebanon
and B-P resumed partial production at its Prudhoe Bay oil field in
Alaska.

In addition, OPEC's president says the cartel likely will keep
production steady this year, to ensure supplies for the global
market.

Meanwhile, Triple-A says the average price for unleaded gasoline
is just under two dollars, 98 cents a gallon, down in recent days.

On the Net:

Triple A survey: www.fuelgaugereport.com

 

(Copyright 2006 by The Associated Press.  All Rights Reserved.)

APNP-08-17-06 1109CDT

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