Sponsored by: Investment Center

Something new in your business?  Click here to submit your business press release

Chamber Corner | Main Street News | Job Hunt | Classifieds | Calendar | Illinois Lottery 

Oil rises in Asia after US crude stockpiles fall

Send a link to a friend

[December 31, 2009]  BANGKOK (AP) -- Oil prices headed toward $80 a barrel Thursday in Asia, the final day of trading for 2009, after U.S. crude stockpiles fell for the fourth week in a row.

Benchmark crude for February delivery was up 44 cents at $79.72 a barrel at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract added 41 cents to settle at $79.28 on Wednesday.

The Energy Information Administration said U.S. crude supplies shrank by 1.5 million barrels last week, less than the expected drop of 2.2 million barrels. Gasoline supplies also fell.

The drop in inventories isn't necessarily a sign of fundamental improvement in demand for crude.

It is typical to see crude draws at this time of year because many companies empty out storage facilities for tax purposes. While supplies have fallen nearly 14 million barrels over the past four weeks, they remain relatively high compared with past years.

Oil prices have more than doubled from their crisis lows of a year ago, and most analysts are forecasting crude will average between $75 and $85 in 2010.

In other Nymex trading in January contracts, heating oil rose 1.1 cent to $2.12 a gallon and gasoline was virtually unchanged at $2.04 a gallon.

In London, Brent crude for February delivery rose 51 cents to $78.54 a barrel on the ICE Futures exchange.

[Associated Press]

AP Energy Writer Chris Kahn contributed to this story.

Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


< Recent articles

Back to top


News | Sports | Business | Rural Review | Teaching & Learning | Home and Family | Tourism | Obituaries

Community | Perspectives | Law & Courts | Leisure Time | Spiritual Life | Health & Fitness | Teen Scene
Calendar | Letters to the Editor