Crude prices declined Wednesday as U.S. crude inventories continued to grow and retail sales plunged in December, Xinhua reported.
The Energy Department said crude inventories grew by 1.2 million barrels for the week ended Jan. 9. It was below the expectation of 3 million barrels. Gasoline inventories rose by 2.1 million barrels, 300,000 barrels ahead of analyst estimates, and distillates increased by 6.4 million barrels compared with the estimate of a gain of 1.7 million distillates.
The Commerce Department reported Wednesday that retail sales dropped 2.7 percent last month, more than double the 1.2 percent decline that Wall Street expected. For 2008, retail sales were down 0.1 percent, a sharp turnaround after a 4.1 percent gain in 2007.
Light, sweet crude for February delivery fell 50 cents to settle at 37.28 U.S. dollars a barrel on the New York Mercantile Exchange.
In London, February Brent crude rose 25 cents to settle at 45. 08 dollars a barrel on the ICE Futures exchange.