Oil hits US$65 on inventory decline

Source: Xinhua | May 29, 2009, Friday |

Online Edition

OIL prices hit US$65 yesterday after the US government reported a sharp decline in crude inventories.

Light, sweet crude for July delivery rose US$1.63, or 2.6 percent, to settle at US$65.08 a barrel on the New York Mercantile Exchange, the highest settlement since early November.

According to the US Energy Department's Energy Information Administration (EIA), crude oil stockpiles declined 5.41 million barrels to 363.1 million for the week ended May 22, while gasoline inventories dropped 537,000 barrels to 203.4 million, the lowest since the week ended Dec. 5.

Meanwhile, the Organization of Petroleum Exporting Countries (OPEC) decided yesterday to maintain their production quotas, betting a strengthening economy and signs of rising demand would support prices.

In London, Brent crude rose US$1.89, or 3.02 percent, to settle at US$64.39 a barrel on the ICE Futures Exchange.

Energy

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Oil hits US$65 on inventory decline

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