Oil rose, recovering from a four-week low after a U.S. government report showed crude inventories unexpectedly fell the most since August 2009.
Futures turned a number of 2.3 percent slump yesterday, snapping four days of declines, after the Energy Department said inventories fell 7.3 million barrels last week. “U.S. crude supplies unexpectedly plunged,” Mark Pervan, head of commodities research at Australia & New Zealand Banking Group Ltd. in Melbourne, wrote in a note today. “Crude product inventories also fell, painting a positive picture for U.S. consumption,” he said.
The December contract advanced as much as 34 cents, or 0.4 percent, to $ 80.78 a barrel in electronic trading on the New York Mercantile Exchange and was at $ 80.77 at 10:34 am Sydney time. Yesterday, it lost $ 1.90 to 80.44 dollars, its lowest settlement since Oct. 19. Prices fell by five this week and 1.7 percent higher this year.
U.S. crude oil inventories fell to 357.6 million barrels in the week ended Nov. 12 the Energy Department said in Washington yesterday.
Oil tumbled yesterday amid speculation that China, the world’s largest energy consuming country, will raise interest rates. Prices also slipped on concern Europe’s debt crisis worsens.
Brent crude for January settlement fell $ 1.45, or 1.7 percent, to end the session at $ 83.28 a barrel on the ICE Futures Europe, London-based exchange yesterday.
source:bloomberg
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