Dec. 23 (Bloomberg) -- Crude oil rose to a two-week highafter a U.S. Energy Department report showed a larger-than-forecast drop in U.S. stockpiles.
Supplies fell 4.84 million barrels to 327.5 million lastweek, the biggest decline since September, the department said.Inventories were forecast to decrease by 1.6 million barrels,according to a Bloomberg News survey. Stockpiles of gasoline anddistillate fuel, a category that includes heating oil anddiesel, dropped as demand increased. “These numbers took analysts by surprise,” said SeanBrodrick , natural resource analyst with Weiss Research inJupiter, Florida. “We are now set to march up to the $80 level.It looks like the consumer is coming back even if the economicgrowth isn’t as strong as people wanted.” Crude oil for February delivery rose $2, or 2.7 percent, to$76.40 a barrel at 10:47 a.m. on the New York MercantileExchange. Futures are up 71 percent this year.
Full Story: Crude Oil Rises After Larger-Than-Forecast US Supply Decline - Bloomberg
Supplies fell 4.84 million barrels to 327.5 million lastweek, the biggest decline since September, the department said.Inventories were forecast to decrease by 1.6 million barrels,according to a Bloomberg News survey. Stockpiles of gasoline anddistillate fuel, a category that includes heating oil anddiesel, dropped as demand increased. “These numbers took analysts by surprise,” said SeanBrodrick , natural resource analyst with Weiss Research inJupiter, Florida. “We are now set to march up to the $80 level.It looks like the consumer is coming back even if the economicgrowth isn’t as strong as people wanted.” Crude oil for February delivery rose $2, or 2.7 percent, to$76.40 a barrel at 10:47 a.m. on the New York MercantileExchange. Futures are up 71 percent this year.
Full Story: Crude Oil Rises After Larger-Than-Forecast US Supply Decline - Bloomberg
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