Crude oil rises on bullish US inventory data, continued supply fears . . . . . . . . . . . Crude oil prices rebounded in Asia Thursday after jumping in the previous session as Chinese economic growth, Libyan unrest and a strong U.S. report on domestic oil inventories combined to deliver the strongest gain in more than a month. The markets opened the day higher, due to optimistic data from the world’s two largest oil consumers, pushing prices back above $100 a barrel, after they fell below that threshold on Tuesday for the first time since May 9. - On the New York Mercantile Exchange, crude oil added 0.82% to trade at $ 102.04 a barrel - On the ICE Futures Exchange in London, Brent oil was at $ 107.59 a barrel, up by 0.41% Ongoing supply fears amid geopolitical situation in the Middle East, North Africa and Ukraine also underpinned oil prices. In Libya, official said Wednesday that the country’s two largest eastern ports will not start before August. In Russia, Rosneft, Russia’s largest oil producers was hit after news it was among firms facing further U.S. sanction. Strongest gains came after the U.S. reported a drawdown in domestic oil stockpiles of 7.5 million-barrels, better than expected 2.6 million-barrels and the 4.8 million-barrel projection of industry trade group American Petroleum Institute. In other NYMEX trading: - NYMEX Gasoline gained 0.14% to trade at $ 288.67 - NYMEX Heating Oil added 0.17% to trade at $ 286.29 - NYMEX Natural Gas fell 0.56% to $ 4.96 #egyptyard
Posted on: Thu, 17 Jul 2014 08:19:22 +0000
Trending Topics
Recently Viewed Topics
© 2015