Oil rises nearly 2 pct on big drop in US supplies

Source: Agencies | January 16, 2014, Thursday |

Online Edition

The price of oil closed above US$94 a barrel for the first time in two weeks on a big drop in supplies.

Benchmark US crude oil for February delivery rose US$1.58, or 1.7 percent, to US$94.17 a barrel on the New York Mercantile Exchange.

Brent crude, used to set prices for international varieties of crude, rose 67 cents at US$106.27.

The US Energy Department reported that oil supplies fell by a larger-than-expected 7.7 million barrels last week. Analysts surveyed by Platts, the energy information arm of McGraw-Hill, expected a decline of 1.6 million barrels.

The drop marked the seventh consecutive decline in US crude oil supplies.

Oil has risen 2.6 percent in the past two days. It started the year with steep declines because supplies of crude oil and fuel appeared ample enough to offset rising demand.

In other energy futures trading in New York, natural gas fell 4 cents to US$4.33 per 1,000 cubic feet (28.32 cubic meters).

Energy

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Oil rises nearly 2 pct on big drop in US supplies

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