Crude prices rise on unexpected U.S. inventories drop

09:04, December 16, 2010      

Email | Print | Subscribe | Comments | Forum 

Crude prices rose on Wednesday as U.S. crude oil inventories registered an unexpected drop last week.

The Energy Information Administration (EIA) said U.S. crude oil inventories fell sharply by 9.9 million barrels in the Dec. 10 week, mainly caused by a drop in oil imports and strong refinery demand.

The drop was the most in eight years, surprising the analysts and giving oil prices a boost.

On Wednesday, the economic data continued to be positive. According to the Federal Reserve Bank of New York's Empire State Manufacturing Survey, New York manufacturing activity rebounded this month. Data showed the Empire State's business conditions index jumped to 10.57 in December from -11.14 in November, while economists were expecting a much more modest gain. This made investors more confident in the recovery and lifted the oil prices.

Light, sweet crude for January delivery gained 34 cents to 88. 62 U.S. dollars a barrel on the New York Mercantile.

Source:Xinhua
  • Do you have anything to say?

双语词典
dictionary

  
Special Coverage
  • Focus On China
  • Shanghai World Expo 2010
Major headlines
Editor's Pick
  • Violence again erupts during general strike in Athens
  • Various parts of China embraces first snow of this winter
  • Moscow police detain 700 people to prevent street fight
  • UN Security Council lifts sanctions against Iraq
  • "China-India friendship," Chinese premier tells teenagers in India with calligraphy
  • S. Korea stages nationwide civil defense drill amid tensions
Most Popular
Hot Forum Dicussion