Global Times - Oil price hit one-year high on inventories data

Oil price hit one-year high on inventories data

Source: Global Times
[11:43 October 16 2009]
Comments

The crude oil price per barrel reached $77.58 for the first time this year as the US inventories data of energy for business is lower than expected.

Light sweet crude for November delivery had an increase of $2.40 (or 3.2 percent) per barrel and reached $77.58 in the the New York Mercantile Exchange.

According to data from the US Energy Information Administration of the Department of Energy (EIA), the US crude stocks increased 400,000 barrels in the week by October 9. Meanwhile, the decrease of gasoline and distillate oil inventories caused the surging crude price to even $78 per barrel.

Analysts said that the extremely overbought market after 6 days' global rally of oil price expected a sell-off in the following sessions.

The Brent Crude for November delivery increased $1.35 to reach 74.45 per barrel in the Intercontinental Exchange in London.