Oil Rises as U.S. Inventories Unexpectedly Decrease

By Midnight Trader,  January 16, 2013, 12:09:51 PM EDT

"Oil rose for the second time in three days in New York as government data showed U.S. inventories unexpectedly decreased last week," Bloomberg reported.

It said: "Prices gained as much as 1.2% after the Energy Information Administration, the Energy Department's statistical arm, said stockpiles fell 951,000 barrels. They were expected to increase 2.2 million barrels, according to the median of 11 analyst estimates."

"West Texas Intermediate crude for February delivery climbed $1.01, or 1.1%, to $94.29 a barrel on the New York Mercantile Exchange. The contract declined 0.9% to $93.28 yesterday, the biggest drop since Dec. 21 and the lowest close since Jan. 9. Brent for February settlement, which expires today, gained 43 cents, or 0.4%, to $110.73 a barrel on the London- based ICE Futures Europe exchange."




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

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