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Reply #2: Oil hovers below $79 after US crude supply drop [View All]

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ozymandius Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Feb-24-10 05:38 AM
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2. Oil hovers below $79 after US crude supply drop
SINGAPORE Oil prices hovered below $79 a barrel Wednesday in Asia after a report showed U.S. crude inventories unexpectedly fell last week, suggesting demand may be improving. ...

Crude inventories fell 3.1 million barrels last week, the American Petroleum Institute said late Tuesday. Analysts had expected an increase of 2 million barrels, according to a survey by Platts, the energy information arm of McGraw-Hill Cos.

Supplies of distillates, which include heating oil and diesel fuel, also fell while gasoline supplies grew, the API said. ...

In other Nymex trading in March contracts, heating oil gained 0.64 cent to $2.0389 a gallon, and gasoline rose 0.23 cent to $2.0679 a gallon. Natural gas was steady at $4.779 per 1,000 cubic feet.
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