New York crude plunges below 49 dollars

NEW YORK, Nov 3 (AFP) - New York's main crude oil contract plunged below 49 dollars to the lowest level since September Wednesday as traders reacted to news of a surge in commercial crude oil inventories.
The benchmark contract, light sweet crude for delivery in December, skidded 97 cents to 48.65 dollars a barrel.
Crude oil inventories surged 6.3 million barrels to 289.7 million barrels in the week to October 29, still below average for the season, the Energy Department said.
Gasoline stocks rose 500,000 barrels to 201.7 million, above average, the government survey showed.
Distillates -- mostly heating oil and diesel -- fell for the seventh consecutive week, declining by 900,000 barrels to 115.7 million, below the average range, it said.

11/03/2004 15:54 GMT - AFP