Crude Oil Futures Rose &Nbsp, Thanks To A Drop In Inventories.
Recent developments in finance and Economics:
Crude oil futures
Wednesday rose to a seven week high, as the government report showed that US oil and
Fuel stock
Decline.
Data from the Energy Information Administration showed that the total oil and fuel stocks fell from 27 year high to the end of September 24th, which means that the oversupply of oil prices under pressure in 2010 will come to an end.
New York Mercantile Exchange November light crude oil futures
Settlement
The price rose by $1.68 to $77.86 a barrel, or 2.2%, a seven week high of $78.09.
ICE futures exchange Brent crude futures clearing price rose $2.06 to $80.77 a barrel.
Last week, oil inventories dropped by 500000 barrels, slightly more than analysts expected in the Dow Jones survey.
The drop in gasoline and distillate stocks is even greater, and analysts are surprised by the expected increase in inventories.
Fuel prices rose more than crude oil.
October heating oil futures closed up 3.1%, to every
gallon
2.1905 dollars, close to four month high.
Gasoline futures rose 2.4% to $1.9955 a gallon.
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