Oil settles near $98 on world markets

Oil settles near $98 on world markets
# 02 October 2008 09:45 (UTC +04:00)
Baku. Vugar Mustafayev - APA-Economics. Oil prices slumped after news of a surprise jump in crude inventories in the United States, the world’s biggest consumer of energy, put more downward pressure on prices.
New York’s main contract, light sweet crude for November delivery, lost $2.11 to close at $98.53 a barrel.
London’s Brent North Sea crude for November delivery tumbled $2.84 to settle at $95.33 a barrel.
The US Department of Energy said that US crude stockpiles rose 4.3 million barrels in the week ending September 26, surprising a market which had been expecting a fall of around 1.7 million barrels.
The department said petrol stockpiles increased by 900,000 barrels. On Wednesday, light sweet rose $0.57 to $99.10 and Brent increased $0.52 to $95.85.
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