Go Finance Report - Crude oil prices back through the level of USD91 per barrel after reports of oil supplies, especially gasoline in the United States (U.S.) showed an increase that exceeds expectations.
As quoted by the Associated Press on Wednesday (12/01/2011), this afternoon the price of crude oil edged up one cent to USD91, 12 per barrel in trading the New York Mercantile Exchange (Nymex) during the day Singapore time. Whereas the previous day, oil still is around USD89 per barrel due to pipeline leak in Alaska.
In its report Tuesday night U.S. time, the American Petroleum Institute to report that gasoline stocks rose to seven million barrels last week, but some analysts estimate will increase only by 2.9 million barrels. Meanwhile, crude oil inventories rose 57 thousand barrels plus 1.5 million barrels of distillates.
U.S. Department of Energy will deliver its own new official data on Wednesday.
"The root of the high supply is due to a very low consumption," said Cameron Hanover report.
Earlier, oil prices had returned to crawl due to pipeline leak in Alaska's Alyeska Service Co., which supplies 620 thousand barrels per day.
In other Nymex trading in the contract of February, heating oil fell 0.4 cents to $ 2, 61 per gallon, while gasoline futures fell 1.3 cents to $ 2, 47 per gallon. February natural gas contract rose 2.2 cents to $ 4, 50 per 1,000 cubic feet. Meanwhile, in London, Brent crude rose four cents to USD97, 65 per barrel on the ICE Futures exchange. (GoFinance)
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