[www.inewsguyana.com] –Crude Oil has set multi-month lows on Thursday, August 06 as investors and traders sought clues about the market’s next bottom after a large drop in United States crude inventories failed to boost prices.
Reports indicate that a bigger-than-expected build in U.S. gasoline stockpiles last week proved more important to investors than crude storage numbers that came in three times below forecast on Wednesday.
U.S. crude was down US50 cents at $US44.65 a barrel at 1:30 p.m. EDT (1730 GMT), after touching a 4½ month bottom at US$44.20. Brent crude futures were down 28 cents at US$49.31 a barrel, after setting a six-month low at US$48.88.
In Guyana, Governance Minister Raphael Trotman says that the government has taken no steps to reduce the price of fuel at the state-owned Guyana Oil Company (GuyOil).
Trotman says that the government will be paying keen attention to the prices for oil on the international market. It is expected that if the current trend continues, the prices would be reviewed.
While Guyana gets most of its oil supply from neighbouring Venezuela which is currently having an economic downturn, it is looking at other sources for oil. The oil supply from Venezuela was valued in excess of US$120 million last year.