Crude oil rises as stockpiles decline

Crude oil rises as stockpiles decline
# 20 August 2009 07:20 (UTC +04:00)
Baku -APA-Economics. Crude oil rose more than $3 a barrel after a government report showed that U.S. inventories declined the most in 15 months as imports tumbled and refineries increased operating rates.
Stockpiles dropped 8.4 million barrels last week, the most since the week ended May 23, 2008, the Energy Department report showed. Imports slipped 1.41 million barrels a day to 8.11 million, the biggest drop and lowest rate since September when hurricanes struck the Gulf of Mexico coast.
Crude oil for September delivery increased $3.23, or 4.7 percent, to $72.42 a barrel at 2:42 p.m. on the New York Mercantile Exchange, the highest settlement since June 11. Prices are up 62 percent this year.
The September contract expires tomorrow. The more-active October contract climbed $2.74, or 3.9 percent, to $73.83.
Brent crude oil for October settlement rose $2.22, or 3.1 percent, to end the session at $74.59 a barrel on the London- based ICE Futures Europe exchange. Brent futures are $2.17 a barrel higher than oil traded in New York.
Oil also gained as the dollar declined against other currencies, increasing the appeal of commodities to investors looking for an inflation hedge. The dollar fell 0.7 percent versus the euro to $1.4231, from $1.4136 yesterday.
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