US crude rises $2.99/bbl on supply decline

13 August 2008 20:43  [Source: ICIS news]

HOUSTON (ICIS news)--NYMEX light sweet crude futures for September delivery closed at $116.00/bbl on Wednesday, up $2.99 in response to the weekly statistics from the Energy Information Administration (EIA), which showed supply losses across the board.

The EIA report revealed an unexpected drawdown in distillate inventories and a significant decline in gasoline, with crude oil stocks declining more than forecasted.

Speculative money flowed back into the energy complex even though the US dollar resumed gains versus key currencies.

September crude surged to $117.46/bbl, up $4.45, after having bottomed out earlier in the session at $112.87/bbl.

ICE Brent for September delivery closed at $113.47/bbl, up $2.32, after rising to $114.93/bbl.

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By: Ignacio Sotolongo
+1 713 525 2653

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