The price of oil rose more than $70 a barrel after an industry report revealed a big drop in crude inventories in the US since September 2008, Bloomberg reported.
Crude oil for August 2009 delivery rose as much as $0.86, or 1.2%, to $70.75 a barrel on the New York Mercantile Exchange, and was traded at $70.53 at 11.15am Singapore time. Oil fell $1.60 from eight-month high on June 30, 2009 to $69.89 a barrel, after a drop in June 2009 US consumer confidence.
Go deeper with GlobalData
Oil reversed some of yesterday’s 2.2% loss after the industry-funded American Petroleum Institute (API) said that crude supplies dropped 6.8 million barrels to 349.7 million last week. A US Energy Department report showed that the crude-oil stockpiles declined two million barrels, as per the median of 15 estimates in a Bloomberg News survey.
Oil in New York reported a 41% quarterly increase. Prices have rallied as rebounding world equity markets and a weaker dollar encouraged investors to buy the commodity as an alternative investment.
The US currency traded at $1.4029 versus the euro at 11.06am in Tokyo, following a 0.4% increase on 30 June 2009.
Brent crude oil for August 2009 settlement increased as much as 80 cents, or 1.2%, to $70.10 a barrel on London’s ICE Futures Europe exchange. It was traded at $70.07 a barrel at 11.11am Singapore time.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataGasoline for August 2009 delivery rose as much as 2.57 cents, or 1.4%, to $1.9277 a gallon. Yesterday, it dropped 3.34 cents, or 1.7%, to end the session at $1.9020 a gallon in New York. US gasoline inventories rose 209,000 barrels last week, the API said.
