SINGAPORE, Dec 31 (Reuters) - Oil traded higher onThursday, up for a seventh consecutive day and trading just shyof $80 a barrel, propelled higher by a drawdown in oil stocksand cold weather across the U.S Northeast.
FUNDAMENTALS * U.S. crude for February delivery CLc1 rose 24 cents to$79.52 a barrel by 0031 GMT, having settled 41 cents higher onWednesday at $79.28, with the market eyeing an annual closeabove $80. * Data from the U.S. Energy Information Administrationshowed crude oil stockpiles across the world's top energyconsumer fell by 1.5 million barrels in the week to Dec. 25,just shy of a forecast 2 million-barrel drawdown. [EIA/S] * Temperatures were expected to remain unseasonably coldfor the next 48 hours, according to forecaster Meteorlogix.[WEA] * Oil has risen almost 80 percent this year and with just afew hours of trading left for 2009, crude is set for itsstrongest annual performance in a decade, recovering from afive-year low below $33 at the start of the year.
Full Story: NYMEX-Oil up near $80/bbl as strongest year since 1999 closes - Reuters UK
FUNDAMENTALS * U.S. crude for February delivery CLc1 rose 24 cents to$79.52 a barrel by 0031 GMT, having settled 41 cents higher onWednesday at $79.28, with the market eyeing an annual closeabove $80. * Data from the U.S. Energy Information Administrationshowed crude oil stockpiles across the world's top energyconsumer fell by 1.5 million barrels in the week to Dec. 25,just shy of a forecast 2 million-barrel drawdown. [EIA/S] * Temperatures were expected to remain unseasonably coldfor the next 48 hours, according to forecaster Meteorlogix.[WEA] * Oil has risen almost 80 percent this year and with just afew hours of trading left for 2009, crude is set for itsstrongest annual performance in a decade, recovering from afive-year low below $33 at the start of the year.
Full Story: NYMEX-Oil up near $80/bbl as strongest year since 1999 closes - Reuters UK
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