Crude Climbs on Inventory Drop
Source: Dow Jones, Dan Strumpf and Jerry DiColo (9/8/11)
"Oil inventories fell more than expected last week, due largely to storm-related disruptions."
Crude futures rose slightly Thursday after the government said oil inventories fell more than expected last week, due largely to storm-related disruptions.
Light, sweet crude for October delivery recently traded $0.49, or 0.6%, higher at $89.83 a barrel on the New York Mercantile Exchange. Brent crude on the ICE futures exchange traded up $0.54, or 0.5%, to $116.31 a barrel.
U.S. commercial oil inventories fell 4 million barrels last week, the Department of Energy said in a weekly survey released Thursday. Analysts attributed the decline to Hurricane Irene and Tropical Storm Lee, which curtailed imports. . .View full article