OIL FUTURES: Crude Passes $90/Bbl On US Oil Stocks Data - MarketWatch

SYDNEY (MarketWatch) -- Crude-oil futures rose above $90 a barrel in Asia Wednesday, the first time crude has passed the threshold since Dec. 7, after a report showed U.S. inventories falling twice as fast as market expectations.

Manufacturer of Diesel Tanks India.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in February traded at $89.94 a barrel at 0601 GMT, up $0.12 in the Globex electronic session. It hit an intraday high of $90.09 a barrel earlier in the session.

Oil Tanks India manufacturing facility.

Oil bulls took heart from a survey by the American Petroleum Institute, an industry lobby group, that showed a much larger-than-expected drop in crude oil stockpiles last week.

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OIL FUTURES: Crude Passes $90/Bbl On US Oil Stocks Data - MarketWatch