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Crude Oil Rises Above $80 Per Barrel (RTTNews) - Crude oil prices rallied above $80 per barrel after the Energy Information Administration reported a drop in weekly inventories. Light sweet crude for December finished at $80.40 per barrel, up 80 cents for the session. Earlier, oil hit an intraday high of at $81.06. U.S. commercial crude oil inventories decreased by 4.0 million barrels to 335.9 million barrels in the week ended . Experts had forecast a rise of 1.3 million barrels in crude oil for the week ended October 30. At , U.S. crude oil inventories are near the upper limit of the average range for this time of year. Total motor gasoline inventories decreased by 300,000 barrels last week, and are above the upper limit of the average range. A rise of 800,000 barrels was expected. Distillate fuel inventories decreased by 400,000 barrels. Propane/propylene inventories decreased by 1.4 million barrels. The American Petroleum Institute reported crude supplies dropped 3.28 million barrels last week. Gasoline stocks added 500,000 barrels and distillates jumped 1.79 million barrels. The API report is not as closely watched because participation is voluntary. The EIA reported that, over the last four weeks, motor gasoline demand has averaged 9.0 million barrels per day, unchanged from the same period last year. Distillate fuel demand has dropped 14.8 percent and jet fuel demand is 3.1 percent lower. Light sweet crude moved to $80.62 per barrel, up $1.02 on the session. Prices touched as high as $81.06 shortly after the EIA data was announced. |
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