Oil prices sink after Japan announces release of heating oil

Oil prices sink after Japan announces release of heating oil
AGENCE FRANCE PRESSE

LONDON, Oct 6: Oil prices sank to their lowest level in two months here on news that Japan plans to pour six million barrels of heating oil into the international market.

In early evening trading on Thursday, the benchmark BrentNorth Sea crude oil for November delivery was selling at $29.55 a barrel, after having slipped to $29.42 in the morning.

Brent had been traded at $29.90 at the opening and $30.52 at the close on Wednesday. The last time the benchmark oil price dropped so low was on August 8, when it was traded at $28.55 per barrel. In New York, the price of benchmark light sweet crude for November delivery lost $1.03 at $30.40 per barrel.

Earlier yesterday, Japanese officials said oil distribution companies had agreed to release a total six million barrels of heating oil at the government's request.