Oil and gasoline futures finished lower on Thursday as capitalists shifted their interest to calm down the heated market worries and upset over the subsisting instability in the market; thus putting to rest concerns over the auspicated tropical storm.
For September delivery, light, sweet crude came down USD 2.33 to USD 71 a barrel on the New York Mercantile Exchange (NYMEX), whereas September gasoline rate descended 3.05 cents to USD 1.9783 per gallon.
Nymex heating oil went down 4.4 cents to USD 1.9829 a gallon.
Government-owned oil companies that are dropping off more than Rs 1.85 billion each day on sale of four fuel products, (petrol, diesel, domestic cooking gas (LPG) and kerosene) are seeking an immediate hike in fuel prices, report agency sources.
In a written reply in Lok Sabha, Dinsha Patel, State Minister for petroleum and natural gas alleged that the state-owned oil marketing companies have wanted correction in the costs of receptive petroleum products because of enhancement in worldwide oil costs.
Oil prices mounted after the Energy Information Administration report a massive decline in crude oil and gasoline stocks for the week ended Aug. 10, 2007. Crude stocks were depressed by 5.2 million barrels, whereas gasoline stocks came down by 1.1 million barrels.
Additionally, worries over the new weather anticipate that a Tropical Storm Dean could pass over the south of the Gulf of Mexico stimulated oil to climb further.
New Delhi: International Finance Corporation (IFC) will provide $150 million as loan to publicly owned Petronet LNG Ltd (PLL) to construct a liquefied natural gas (LNG) import and regassification workstation in South India.
New Delhi: International Finance Corporation (IFC) will provide $150 million as loan to publicly owned Petronet LNG Ltd (PLL) to construct a liquefied natural gas (LNG) import and regassification workstation in South India. 
The government is making plans to offload its stake from Oil India (OIL).
