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Oil rises above US$88 on lower crude supplies
Source: Agencies |
December 16, 2010, Thursday
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Online Edition
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OIL prices rose yesterday after the government released its weekly report on the petroleum supplies showing a higher-than-expected drop in crude stockpiles.
The U.S. Energy Department's Energy Information Administration said commercial crude supplies fell by 9.9 million barrels to 346 million barrels for the week ending Dec. 10. Oil supplies are still more than 4 percent higher than they were a year ago.
Analysts expected a decrease of 3 million barrels for the week, according to a survey by Platts, the energy information arm of McGraw-Hill Cos.
Benchmark oil for January delivery rose 34 cents to settle at US$88.62 a barrel on the New York Mercantile Exchange.
Platts Senior Oil Analyst Linda Rafield said crude supplies dropped last week because crude imports dropped and refineries cranked up output. "Historically, refiners and producers are prone to working off inventories to lighten end-of-year tax payments," Rafield said.
The dollar gained against most major currencies yesterday after Moody's ratings agency warned that it was considering downgrading Spain's public debt, suggesting Europe's debt crisis is spreading.
In other Nymex trading, heating oil gained 1.56 cents to settle at US$2.4835 a gallon, gasoline futures picked up 1.28 cents to settle at US$2.3092 a gallon and natural gas lost 3.3 cents to settle at US$4.222 per 1,000 cubic feet.
In London, Brent crude rose 99 cents to settle at US$92.20 a barrel on the ICE Futures exchange.
The U.S. Energy Department's Energy Information Administration said commercial crude supplies fell by 9.9 million barrels to 346 million barrels for the week ending Dec. 10. Oil supplies are still more than 4 percent higher than they were a year ago.
Analysts expected a decrease of 3 million barrels for the week, according to a survey by Platts, the energy information arm of McGraw-Hill Cos.
Benchmark oil for January delivery rose 34 cents to settle at US$88.62 a barrel on the New York Mercantile Exchange.
Platts Senior Oil Analyst Linda Rafield said crude supplies dropped last week because crude imports dropped and refineries cranked up output. "Historically, refiners and producers are prone to working off inventories to lighten end-of-year tax payments," Rafield said.
The dollar gained against most major currencies yesterday after Moody's ratings agency warned that it was considering downgrading Spain's public debt, suggesting Europe's debt crisis is spreading.
In other Nymex trading, heating oil gained 1.56 cents to settle at US$2.4835 a gallon, gasoline futures picked up 1.28 cents to settle at US$2.3092 a gallon and natural gas lost 3.3 cents to settle at US$4.222 per 1,000 cubic feet.
In London, Brent crude rose 99 cents to settle at US$92.20 a barrel on the ICE Futures exchange.
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