18 November 2010 06:28 [Source: ICIS news]
SINGAPORE (ICIS)--Crude futures rose by more than $1/bbl (€0.74/bbl) on Thursday, supported by US inventory declines and a weaker dollar, following a decline of more than $1/bbl overnight.
At 06:14 hours GMT, January Brent on ?xml:namespace>
Meanwhile, December NYMEX light sweet crude futures were trading at a session high of $81.49/bbl, up by $1.05/bbl.
Wednesday's slump was caused by concerns about a possible drop in demand following announcements by the Chinese government of planned anti-inflationary measures in the country and worries over debt levels in the eurozone.
However, on Thursday the US dollar declined against other leading currencies, giving back some of its recent gains.
The fall served to make commodities such as oil more attractive to overseas investors.
US government inventory data from the Energy Information Administration (EIA) revealed an unexpected massive fall in domestic crude stocks of some 7.3m bbls, the largest drop in 14 months.
Oil product inventories also recorded significant declines, with gasoline stocks down by 2.7 m bbls and distillates falling by 1.1m bbls.
However, the crude stock data revealed a rise of 1.27m bbls at the key Cushing
As a result, the differential between Brent and NYMEX light sweet crude futures widened.
($1 = €0.74)
To discuss issues facing the chemical industry, go to ICIS connect
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|