Oil prices gain amid falling output


New York, Oct 17 (IANS): Oil prices advanced on Friday as data signalled that US crude output is contracting.

US crude production lost 76,000 barrels to 9.096 million barrels a day last week, according to the weekly report issued by the Energy Information Administration (EIA) on Thursday.

US crude supplies of last week gained 7.6 million barrels to 468.6 million barrels, 98 million barrels more than one year before, according to the EIA's report. Inventories at Cushing, Oklahoma, the delivery point for the US contract, gained 1.12 million barrels to 54.2 million barrels.

The West Texas Intermediate for November delivery moved up 88 cents to settle at $47.26 a barrel on the New York Mercantile Exchange, while Brent crude for December delivery increased 73 cents to close at $50.46 a barrel on the London ICE Futures Exchange.

  

Top Stories


Leave a Comment

Title: Oil prices gain amid falling output



You have 2000 characters left.

Disclaimer:

Please write your correct name and email address. Kindly do not post any personal, abusive, defamatory, infringing, obscene, indecent, discriminatory or unlawful or similar comments. Daijiworld.com will not be responsible for any defamatory message posted under this article.

Please note that sending false messages to insult, defame, intimidate, mislead or deceive people or to intentionally cause public disorder is punishable under law. It is obligatory on Daijiworld to provide the IP address and other details of senders of such comments, to the authority concerned upon request.

Hence, sending offensive comments using daijiworld will be purely at your own risk, and in no way will Daijiworld.com be held responsible.