Oil Eases Past $80

13 January 2010 (Last Updated January 13th, 2010 18:30)

Oil rose past $80 a barrel today as crude inventories in the US climbed by a larger-than-expected 3.7 million barrels last week. Distillates posted an increase of 1.4 million barrels, against expectations of a fall, the US government Energy Information Administration (EIA) said yesterda

Oil rose past $80 a barrel today as crude inventories in the US climbed by a larger-than-expected 3.7 million barrels last week.

Distillates posted an increase of 1.4 million barrels, against expectations of a fall, the US government Energy Information Administration (EIA) said yesterday.

US crude for February rose 50¢ to $80.15 a barrel at 0800 GMT after trading as low as $78.37 on Wednesday, the lowest intraday price this year, following the release of the EIA data, reports Reuters.

Prices had reached a 15-month intraday high of $83.95 a barrel on Monday.

London Brent crude for February gained 52¢ to $78.83 a barrel, after having touched a 2010 low of $77.04 on Wednesday.