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Oil goes to $80/barrel

19 November 2009 09:55 (UTC +04:00)

Baku -APA-Economics. Oil traded near $80 a barrel in New York after rising yesterday as a government report showed U.S. crude and fuel supplies dropped along with refinery production and imports.

Oil reached a one-week high of $80.33 yesterday after the Energy Department said crude inventories declined 887,000 barrels to 336.8 million last week. Stockpiles were forecast to increase 300,000 barrels, according to a Bloomberg News survey of analysts. Fuel supplies fell as refiners operated at the slowest pace in more than a year.

Crude oil for December delivery traded at $79.48 a barrel, down 10 cents, in electronic trading on the New York Mercantile Exchange at 2:03 p.m. Singapore time. Yesterday, the contract rose 44 cents to settle at $79.58. Futures have gained 78 percent this year.

Brent crude oil for January settlement was at $79.55 a barrel, up 8 cents, at 2:01 p.m. in Singapore on the London- based ICE Futures Europe exchange. Yesterday it rose 50 cents, or 0.6 percent, to end the session at $79.47 a barrel.