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July was bad for oil

08/11/2008
By NINA RACH
US crude dropped $15.92/bbl in July for the biggest dollar loss in a single month since it began trading on the New York Mercantile Exchange. On July 31, benchmark US light, sweet crudes fell more then 2% to $124.08/bbl, marking “the worst month for oil (in percentage terms) since December 2004, though oil is still up 29% year-to-date,” said analysts in the Houston office of Raymond James & Associates Inc.“US gasoline demand is down an alarming 3.5% this year, though the global demand picture still looks brighter,” said Raymond James analysts. However, Paul Horsnell, Barclays Capital Inc., London, said the oil market has been “behaving fairly rationally a...
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