Oil Trades Near $79

10 November 2009 (Last Updated November 10th, 2009 18:30)

Oil is trading near $79 a barrel after an industry report showed US crude and fuel stockpiles rose. The American Petroleum Institute said crude inventories climbed 1.22 million barrels last week to 337.5 million and gasoline supplies rose by 1.4 million barrels. China, the s

Oil is trading near $79 a barrel after an industry report showed US crude and fuel stockpiles rose.

The American Petroleum Institute said crude inventories climbed 1.22 million barrels last week to 337.5 million and gasoline supplies rose by 1.4 million barrels.

China, the second-largest user after the US, said October net oil imports were 18.98 million tons, or 4.47 million barrels a day, the second-highest on record, reports Bloomberg.

Crude oil for December delivery traded at $79.09 a barrel, up 4¢, in electronic trading on the New York Mercantile Exchange at 4.04pm Singapore time. Prices have gained 77% this year.

Crude declined as tropical depression Ida weakened after coming ashore yesterday, allowing workers to return to production platforms in the Gulf of Mexico.

Energy producers idled about 43% of oil and 28% of natural-gas output in the Gulf because of Ida, the Minerals Management Service said.

Chevron said its Mississippi refinery was unaffected and Murphy Oil plans to resume output at its offshore Thunder Hawk platform today.