mrg666
11-07-2007, 02:02 PM
Updates prices, adds details)
LONDON, Nov. 7, 2007 (Thomson Financial delivered by Newstex) -- Oil prices continued up on the day, but over a dollar down on this morning's all-time high, after crude inventories fell by less than expected in data released by the US Energy Information Administration today.
Crude inventories fell by 800,000 barrels to 311.9 mln barrels, against expectations for a 1.8 mln barrel decline, while gasoline stocks dipped by 800,000 barrels, against a forecast drop of 100,000 barrels, in the week to Nov 2.
However, crude stocks at Cushing, Oklahoma, which are always watched closely by the market as the delivery point for the NYMEX oil contract, dipped to 13.4 mln barrels from 15.1 barrels the previous week.
'The headline figures were not far off from expectations, although gasoline stocks were slightly bullish and distillate inventories moderately bearish,' said Citigroup (NYSE:C) analyst Tim Evans.
'The background figure that could prove critical is the 1.6 mmbls decline in stocks at the Cushing, Oklahoma delivery point for NYMEX WTI futures,' he added.
At 4.23 pm, London's benchmark Brent crude contract for December delivery was up 87 cents at 94.13 usd per barrel. Earlier the contract hit an all-time high of 95.19 usd.
http://money.cnn.com/news/newsfeeds/articles/newstex/AFX-0013-20808228.htm
LONDON, Nov. 7, 2007 (Thomson Financial delivered by Newstex) -- Oil prices continued up on the day, but over a dollar down on this morning's all-time high, after crude inventories fell by less than expected in data released by the US Energy Information Administration today.
Crude inventories fell by 800,000 barrels to 311.9 mln barrels, against expectations for a 1.8 mln barrel decline, while gasoline stocks dipped by 800,000 barrels, against a forecast drop of 100,000 barrels, in the week to Nov 2.
However, crude stocks at Cushing, Oklahoma, which are always watched closely by the market as the delivery point for the NYMEX oil contract, dipped to 13.4 mln barrels from 15.1 barrels the previous week.
'The headline figures were not far off from expectations, although gasoline stocks were slightly bullish and distillate inventories moderately bearish,' said Citigroup (NYSE:C) analyst Tim Evans.
'The background figure that could prove critical is the 1.6 mmbls decline in stocks at the Cushing, Oklahoma delivery point for NYMEX WTI futures,' he added.
At 4.23 pm, London's benchmark Brent crude contract for December delivery was up 87 cents at 94.13 usd per barrel. Earlier the contract hit an all-time high of 95.19 usd.
http://money.cnn.com/news/newsfeeds/articles/newstex/AFX-0013-20808228.htm