Oil Trades Near $68 a Barrel as Crude Supplies Drop

2 September 2009 (Last Updated September 2nd, 2009 18:30)

Oil traded near $68 a barrel in New York after a report revealed that crude supplies fell and daily fuel consumption rose from a year earlier in the US, Bloomberg has reported. Crude oil for October delivery traded at $68.21 a barrel, up $0.16, on the New York Mercantile Exchange

Oil traded near $68 a barrel in New York after a report revealed that crude supplies fell and daily fuel consumption rose from a year earlier in the US, Bloomberg has reported.

Crude oil for October delivery traded at $68.21 a barrel, up $0.16, on the New York Mercantile Exchange at 10.37am Sydney time.

On 2 September, the contract settled unchanged at $68.05. Prices have risen 53% since the start of 2009.

According to a US Energy Department report released on 2 September, the crude oil inventories declined 372,000 barrels to 343.4 million in the week ended 28 August 2009.

Total US daily fuel consumption rose marginally, the first year-on-year gain since 2 May 2008, according to the department.

US daily fuel consumption averaged 19.3 million barrels in the four weeks ended 28 August 2009, up 0.1% from a year earlier, according to the report. Gasoline supplies declined 2.97 million barrels from a week earlier to 205.1 million.