Friday, February 25, 2011

Oil rises near $85 to surprise US drop supply

Friday, February 25, 2011

Singapore - climbed oil prices close to $85 a barrel Wednesday in Asia after a report showed unexpected U.S. crude oil inventories fell last week suggest demand can be improved.

Benchmark crude oil delivery to 27 cents to $84.59 was March a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange. The contract fell to pay 49 cents to $84,32 on Tuesday.

London Brent crude gained delivery 34 cents to $101.98 barrel April the ICE Futures Exchange.

The American Petroleum Institute said late Tuesday that crude oil inventories fell 354.000 barrel last week during of Platts, the energy information arm of McGraw-Hill COS., surveyed analysts an increase of 2.8 million barrels had forecast. Crude oil inventories at Cushing, Oklahoma key terminal increased by 250,000 barrels.

Inventories of gasoline rose from 1.2 million barrels and distillates fell 1.2 million barrels, API said.

The Energy Department's energy information Administration reported his per supply data later Wednesday.

"Current (API) surveys were exactly in line with the Energy Department at Cushing, what prices today for omen," the Schork report said energy consultant. "If confirmed, may (oil) the Department of energy be down for now behind us."

In other NYMEX trading in March contracts, heating oil 0.9 cents to $2.74 rose 1 cent to $2.50 per gallon won a gallon and petrol. Natural gas of futures were up 0.1 cents to $3.98 per 1,000 cubic metres.

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