US crude rises $1.88/bbl on supply stats, storm

27 August 2008 20:35  [Source: ICIS news]

HOUSTON (ICIS news)--NYMEX light sweet crude futures for October delivery settled at  $118.15/bbl, up $1.88 versus Tuesday’s close in response to the week’s US supply statistics and Tropical Storm Gustav.

The Energy Information Administration’s (EIA) data revealed a contrary-to-forecast drawdown in crude stocks. A smaller-than-expected drawdown in gasoline inventories initially kept the rally in check.

Gustav was expected to intensify after entering the US Gulf coast region and energy companies started evacuating non-essential personnel from offshore platforms.

October crude established an overnight low of $115.64/bbl but reversed direction and surged to $119.63/bbl before retreating on profit taking.

ICE Brent for October delivery rose to $117.25/bbl and settled at $116.22/bbl, up $1.59.

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By: Ignacio Sotolongo
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