NEW YORK(Commodity Online): Oil jumped for a second day in New York as stockpiles monitored by American Petroleum Institute dipped the most in five weeks in the US; the biggest crude oil consumer. Inventories dipped 7.2 million barrels in the previous week and the figure clocks the maximum since July 27.
Meanwhile, an energy department report for the day may show a decline in supply of crude oil to the tune of 4.95 million barrels as Hurricane Isaac curtailed output in the Gulf of Mexico, Bloomberg News reported.
Investors are also awaiting Mario Draghi's proposal for bond purchases to tame the Eurozone debt crisis. If positive, the measure would help with an uptrend in markets.
?We?ve been looking to see a persistent trend of firmer commodity use to get those inventories down,? said David Lennox, an analyst at Fat Prophets in Sydney to Bloomberg News. ?If we see stockpiles declining tonight and refineries running above 90 percent capacity, I think that?s going to be a boost for oil. Throw in Draghi and I?d expect the price of crude to go up.?
October oil climbed up to 90 cents to touch $96.26 a barrel in electronic trading on the NYMEX. It was seen trading at $96.10 at 1:44 p.m. Sydney time. Brent for October climbed 56 cents to $113.65 a barrel on the London-based ICE Futures Europe exchange.
Positive Australian employment data too helped with an uptrend in oil.
Meanwhile, crude oil for September delivery registered 0.83% high at 5371 on India's MCX.
f 18 jet crash in virginia beach john tortorella nicki minaj beez in the trap video food network good friday f/a 18
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.