ENERGY WRAP:

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ENERGY WRAP:

Post  RaahiShah on Thu Jul 26, 2012 3:27 pm

Oil fell back for the third day in four on Wednesday as an unexpected rise in U.S. crude stockpiles extended losses and deepened demand worries already turning bleak with the growing euro zone crisis.U.S. Crude oil inventories rose 2.7 million barrels last week on sharply higher imports, defying forecasts for a modest drawdown, data from the U.S. Energy Information Administration showed.

Natural-gas futures stumbled Wednesday after a five-day rally prompted traders to sell off contracts and take profits ahead of a weekly government report on U.S. gas inventories. Natural gas for August delivery on the New York Mercantile Exchange settled down 11.7 cents, or 3.7%, at $3.070 a million British thermal units.
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RaahiShah

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