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Oil prices up as supply falls for 4th week
Source: Agencies |
December 31, 2009, Thursday
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Online Edition
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OIL prices edged above US$79 a barrel yesterday as America's crude stockpiles fell for the fourth week in a row.
Gasoline supplies also fell unexpectedly and futures neared a high for the year for January delivery, a contract that closes today.
Benchmark crude for February delivery added 41 cents to settle at US$79.28 a barrel on the New York Mercantile Exchange. In London, Brent crude for February delivery rose 39 cents to settle at US$78.03 a barrel on the ICE Futures exchange.
It is typical to see crude draws at this time of year because many companies empty out storage facilities for tax purposes. While supplies have fallen nearly 14 million barrels over the past four weeks, they remain relatively high compared with past years.
Most energy experts discounted oil prices that have risen every day this week because so many traders take the week off for the holiday.
In other Nymex trading, heating oil for January delivery added less than a penny to settle at US$2.1093 a gallon, and gasoline for rose 3 cents to settle at US$2.0406 a gallon. Natural gas for February delivery gave up 13.1 cents to settle at US$5.709 per 1,000 cubic feet.
Gasoline supplies also fell unexpectedly and futures neared a high for the year for January delivery, a contract that closes today.
Benchmark crude for February delivery added 41 cents to settle at US$79.28 a barrel on the New York Mercantile Exchange. In London, Brent crude for February delivery rose 39 cents to settle at US$78.03 a barrel on the ICE Futures exchange.
It is typical to see crude draws at this time of year because many companies empty out storage facilities for tax purposes. While supplies have fallen nearly 14 million barrels over the past four weeks, they remain relatively high compared with past years.
Most energy experts discounted oil prices that have risen every day this week because so many traders take the week off for the holiday.
In other Nymex trading, heating oil for January delivery added less than a penny to settle at US$2.1093 a gallon, and gasoline for rose 3 cents to settle at US$2.0406 a gallon. Natural gas for February delivery gave up 13.1 cents to settle at US$5.709 per 1,000 cubic feet.
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