Sunday, May 12, 2013

The Car Insurance : Oil prices in New York rose, London down

New York (The Car Insurance)-oil prices in New York shot up higher on Wednesday (Thursday morning GMT), even though US weekly inventories report showed crude oil stocks were at the highest level in 31 years.

New York's main contract, light sweet crude or West Texas Intermediate (WTI) for delivery in June, rose one u.s. dollars a barrel to end at 96.62 dollars.

In London, Brent North Sea crude oil for delivery in June, little changed, declining six cents to 104,34 dollars per barrel.

Analysts forecast a larger increase in u.s. commercial crude oil stockpiles than rising 200,000 barrels will occur.

"At 395,5 million barrels, U.S. crude oil inventories well above the upper limit of the average range this time of year," U.s. Energy Information Agency (EIA) said.

Crude oil futures had fallen on Tuesday (7/5), as traders booked profits from rising three straight days amid expectations of another rise in US crude oil inventories.

Crude oil has been strengthened in recent weeks thanks to the improving picture of economic growth in the United States, China, Japan and Germany, as well as due to the increasing tension in the Middle East. (A026)

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Title Post: The Car Insurance : Oil prices in New York rose, London down
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Author: Mohammad Zulfi Satriawan

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