What is reason for fluctuation in oil prices over US reserves?
Oil prices rise on drop in US reserves Posted: 17 September 2009 0422 hrs Photos 1 of 1 NEW YORK: Oil prices rose on Wednesday, driven higher by a larger-than-expected decline in US crude reserves that suggested growing demand in the world’s biggest energy consumer. New York’s main contract, light sweet crude for October delivery, finished at 72.51 dollars, a gain of 1.58 dollars from Tuesday’s closing level. London’s Brent North Sea crude for November delivery, the new benchmark contract, climbed 1.81 dollars to 71.67 dollars a barrel. The market also gained a lift from a Wall Street rally as equity investors took heart in official US economic data that bolstered optimism the world’s largest economy is pulling out of recession. US industrial production jumped 0.8 percent in August, the second straight monthly gain after a revised 1.0 leap in July. US consumer prices rose 0.4 percent in August, with the core inflation rate up a modest 0.1 percent. This served to ease fears about both d
