Oil Trades Near $80 After Drop in US Crude, Fuel Stockpiles - Bloomberg

Nov. 19 (Bloomberg) -- Oil traded near $80 a barrel in NewYork after rising yesterday as a government report showed U.S.crude and fuel supplies dropped along with refinery productionand imports.

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Crude oil gained 0.6 percent yesterday and touched $80.33after the Energy Department said crude inventories declined887,000 barrels to 336.8 million last week. Stockpiles wereforecast to increase by 300,000 barrels, according to aBloomberg News survey of analysts. Fuel supplies fell asrefiners operated at the slowest pace in more than a year. “The big thing was the inventories data, which continuesto show bullish signs with drawdowns in crude oil, gasoline anddistillates,” said Ben Westmore , an energy and mineralseconomist at National Australia Bank Ltd. in Melbourne. “Everytime you do have a surprise drawdown there is a bit of buoyancyin prices, and so a push above $80 is not unexpected.” Crude oil for December delivery traded at $79.42 a barrel,down 16 cents, in electronic trading on the New York MercantileExchange at 10:26 a.m. Singapore time. Yesterday, the contractrose 44 cents to settle at $79.58. Futures have gained 78percent this year.

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