What is the reason for Oil rises above $77 after US crude supply drop (AP)?
Oil extends gains above $77 in Asia as US crude supplies drop more than expected last week Oil prices extended gains above $77 a barrel Thursday in Asia as a larger than expected drop in U.S. crude supplies fueled investor optimism that consumer demand is improving. Benchmark crude for February delivery was up 65 cents to $77.32 at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange amid light volume Christmas Eve holiday trading. The contract rose $2.27 to settle at $76.67 on Wednesday after the Energy Department’s Energy Information Administration said U.S. crude inventories fell 4.9 million barrels. Analysts had expected a drop of 2.0 million barrels, according to a survey by Platts, the energy information arm of McGraw-Hill Cos. Crude has jumped from $69 a barrel last week on investor expectations that global crude demand, especially from Asia, will rebound next year and help boost prices. Oil prices have more than doubled from a year ago, and mo
Oil rises above $77 after US crude supply drop SINGAPORE: Oil prices extended gains above $77 a barrel on Thursday in Asia as a larger than expected drop in US crude supplies fueled investor optimism that consumer demand is improving. Benchmark crude for February delivery was up 65 cents to $77.32 at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange amid light volume Christmas Eve holiday trading. The contract rose $2.27 to settle at $76.67 on Wednesday after the Energy Department’s Energy Information Administration said US crude inventories fell 4.9 million barrels. Analysts had expected a drop of 2.0 million barrels, according to a survey by Platts, the energy information arm of McGraw-Hill Cos. Crude has jumped from $69 a barrel last week on investor expectations that global crude demand, especially from Asia, will rebound next year and help boost prices. Oil prices have more than doubled from a year ago, and most analysts are forecasting crude
Oil prices extended gains above $77 a barrel Thursday in Asia as a larger than expected drop in U.S. crude supplies fueled investor optimism that consumer demand is improving. ยป Full Story on Yahoo! Finance Sources: http://us.lrd.yahoo.com/_ylt=Apn.VFKqwkGNuF3hfll6xC10fNdF/SIG=11q5f48b9/**http%3A//biz.yahoo.com/ap/091224/oil_prices.html%3F.
