Oil prices cut for 2nd week

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    Local oil players are rolling back their prices for the second consecutive week effective today after a surprise decline in United States inventories has affected world market prices.

    According to the Department of Energy (DOE), the latest average Manila price per liter of gasoline (RON95) is at P51.15, diesel at P42.65 and kerosene at P48.67.

    Shell, Seaoil, PTT and Phoenix Petroleum cut the per liter prices of gasoline by P0.45 and diesel by P0.10.

    No price movements were implemented for kerosene.

    The DOE said as of October 22, year-to-date adjustments have amounted to a net increase of P5.61 per liter for gasoline, P4.02 per liter for diesel and P0.96 per liter for kerosene.

    Reuters reported that as of last Friday, Brent crude was down 29 cents at $61.38 per barrel while West Texas Intermediate crude was down 22 cents at $56.01 a barrel as total crude and oil product stocks dropped by about 10 million barrels.

    The report cited a statement of the Organization of the Petroleum Exporting Countries which said an extension of its supply curbs are an option to offset the weaker demand outlook next year will likely push up world market prices.