NEW YORK (AP) -- Oil prices are rising after the government said U.S. crude supplies fell far more than expected last week.
The Energy Information Administration said Monday that U.S. crude stocks fell by 6.3 million barrels for the week ending Sept. 12, much bigger than the 3.7 million barrel drop expected by analysts surveyed by energy research firm Platts expected.
The decrease was due to a shutdown of virtually all U.S. Gulf Coast oil production ahead of the passage of Hurricanes Gustav and Ike.
Light, sweet crude for October delivery was up $2.20 to $93.35 a barrel on the New York Mercantile Exchange.
However, because the decrease in production was due to weather factors, crude's recent price decline is likely to resume in the near future.
1 comment:
We found your blog very informative.
"slow and steady methods can be even more effective than big hitting".
indian stock market tips
We all know that Indian stock market has become volatile now a days. One day its going up
and another day its coming down. So we all should like to know
what is the reason for it.
Well We say its the game of FII how they direct the market. They have huge money with them
they can direct any share as per there needs and requirement.
Now its a alarming time.
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