Monday, March 14, 2011

Oil rises above $100 after surprise US supply drop

Monday, March 14, 2011

Singapore - oil prices rose above $100 a barrel Wednesday in Asia a report showed that US crude oil and gasoline supply unexpectedly deleted suggest last week demand can be improved.

Benchmark crude oil April delivery was up 51 cents to $100.14 per barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange. The contract rose $2.66 at $99,63 on Tuesday to rules.

Brent crude was delivery up 23 cents to 115.65 in London April $ per barrel on the ICE Futures Exchange.

The American Petroleum Institute said late Tuesday that crude oil inventories fell 1.1 million barrels last week, while analysts survey of Platts, the energy information arm of McGraw-Hill COS., an increase of 1.6 million barrels had predicted. Inventories of gasoline fell 4.9 million barrels and distillates fell 1.4 million barrels, the API said.

Administration reports its weekly supply data later Wednesday to the Department of energy energy information.

Traders are closely Libya, just, where cut nepotism oil production in the OPEC nation in two battles between supporters and opponents of Moammar. Investors are also concerned violent protests and political upheaval could break in the rest of the region as Iran, Iraq, the United Arab Emirates, Kuwait, Bahrain, Qatar, Oman and Saudi Arabia have more than 60% of proven oil reserves in the world.

"The fear of the underlying the is that the current will spread unrest due to Arab Middle East and Persia, East still," Cameron Hanover, said.

In other NYMEX trading in April contracts, heating oil 0.7 cents on $3.03 rose won a gallon and gasoline 1.9 cents to $3.00 per gallon. Natural gas of futures was by 2.5 percent to $3.85 per 1000 cubic feet.

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