On London’s ICE Futures exchange, Brent crude for delivery in September fell $0.55 to $58.13 a barrel. On the New York Mercantile Exchange, light, sweet crude futures for delivery in August traded at $52.59 a barrel, down $0.45. The market may yet shrug off some of the despondency if data from the U.S. Energy Information Administration confirms that U.S. crude stocks fell sharply last week. On Tuesday, the American Petroleum Institute reported that crude supplies dropped 7.3 million barrels for the week ended July 10—a far larger drop than had been expected. The EIA will report its numbers at 1030 EST.
National Average Price for Regular Unleaded Current: $2.438; Month Ago: $2.575; Year Ago: $2.281. National Average Price for Diesel Current: $2.890; Month Ago: $3.009; Year Ago: $2.919.
Music to the ears of people who buy and sell print ads: Martin Sorrell, the chief executive officer at WPP, says newspapers and magazines might not be getting the credit they deserve. According to a report in the Times of London, Mr. Sorrell told an audience this week at a Broadcasting Press Guild breakfast in the U.K.: "There is an argument at the moment going on about the effectiveness of newspapers and magazines, even in their traditional form, and maybe they are more effective than people give them credit [for]." Mr. Sorrell cited research showing that traditional media is often more engaging than digital content. His remarks are important because WPP, which owns media-buying powerhouse GroupM, steers billions in advertising budgets to various media.
Crude oil rose 1.11 per cent to Rs 2,543 per barrel in futures market on Thursday as speculators engaged in creating speculative positions, taking positive cues from Asian markets. At Multi Commodity Exchange of India, crude oil for delivery in April month contract was trading higher by Rs 18, or 1.11 per cent, to Rs 2,543 per barrel, in a business turnover of 12,701 lots. Likewise, the oil for delivery in far-month May gained Rs 27 or 1.03 per cent, to Rs 2,638 per barrel in 632 lots. Official data showed US commercial crude inventories fell 4.9 million barrels in the week ending April 1, after rising by 2.3 million barrels the week before.