Crude Climbs on Inventory Drop

Source:

"Oil inventories fell more than expected last week, due largely to storm-related disruptions."

Dow Jones, Dan Strumpf and Jerry DiColo

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

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