Oil hovers over $72 after stockpiles fall

Oil hovers over $72 after stockpiles fall
# 17 September 2009 07:36 (UTC +04:00)
Baku– APA-Economics. Crude oil futures rose above $72 a barrel in New York after the U.S. Energy Department reported that inventories dropped to the lowest level since January.

Stockpiles fell 4.73 million barrels to 332.8 million, the weekly report showed. A 2.5 million-barrel decline was forecast, according to the median response of 15 analysts surveyed by Bloomberg News. Imports decreased 2.1 percent to an average 8.9 million barrels a day. Supplies of gasoline and distillate fuel, a category that includes heating oil and diesel, increased.


Crude oil for October delivery climbed $1.58, or 2.2 percent, to $72.51 a barrel at 2:41 p.m. on the New York Mercantile Exchange, the highest settlement since Aug. 28. Futures are up 63 percent this year.

The dollar traded at $1.4721 per euro, down from $1.4658 yesterday. It earlier reached $1.4737, the lowest level since Sept. 25, 2008. A weak U.S. currency bolsters the appeal of commodities to investors as an inflation hedge.

Brent crude oil for November settlement on the London-based ICE Futures Europe exchange rose $1.81, or 2.6 percent, to $71.67 a barrel.
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