The hottest NYMEX crude oil futures closed lower d

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NYMEX crude oil futures ended lower as inventories increased and demand fell

Reuters, New York, October 16 - U.S. crude oil futures fell more than 6 percent on Thursday, falling below $70. The U.S. released a week of inventory data showing that crude oil and gasoline inventories rose higher than expected, reflecting falling demand

crude oil has been under pressure due to continued signs of global economic slowdown

"I think this is a demand issue," said Amanda kurzendoerfer, commodity analyst at Summit energy. "We have seen a surge in gasoline and crude oil inventories for the second consecutive week, which confirms the fact that U.S. demand is indeed weak."

the American Energy Information Association (EIA) announced that crude oil inventories in the United States increased by 5.6 million barrels a week to 308 million barrels, and gasoline inventories increased by 7 million barrels to 193.8 million barrels in the past two years [ncn], both higher than expected

the total supply of oil products averaged 18.6 million barrels per day for the four weeks ended October 10, down 8.9 percent from the same period last year, the EIA said

the daily average demand for gasoline was 8.8 million barrels, down 5.2%, and the total demand for distillate oil was 3.9 million barrels, down 6.9%

nymex-november crude oil futures clx8 settlement price closed down $4.69, or 6.29%, to $69.85 a barrel, with a trading range of 68 The former was the lowest since it hit $67.07 on June 27, 2007

London Brent November crude oil futures lcox8, which expires on Thursday, closed down $4.48, or 6.3%, and the settlement price was $66.32. The products sell well at home and abroad, with a trading range of 65 15 dollars

November rbob gasoline futures rbx8 closed down 16.02 cents, or 8.99 percent, at $1.6220, with a daily low of $1.5964, the lowest since hitting $1.5850 on February 16, 2007, and a daily high of $1.7550 on Thursday

november heating oil futures hox8 fell 10.32 cents, or 4.71%, and the settlement price was $2.0873 per gallon, with an intraday trading range of 2 US $1885, the lowest level since hitting US $2.0320 on August 31, 2007

The organization of Petroleum Exporting Countries (OPEC) held an emergency meeting on October 24 to discuss the global economic recession, and some OPEC oil ministers have said that they expect to reduce production

Terje Riis Johansen, Norwegian Minister of oil and energy, said on Thursday that the control software sends control signals to the servo valve, and the country has no plans to reduce production due to the decline in crude oil prices

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