Robust demand nips refined oil inventory

09:27, October 13, 2010      

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The nation's refined oil inventory dropped in September, the second consecutive month from August, Dow Jones said Tuesday.

  Refined oil stocks dropped around 10 percent in September compared to a month earlier due to robust domestic demand, the newswire said. Refined oils include gasoline, kerosene and diesel.

  In August, the refined oil inventory decreased 5.4 percent compared with July figures.

  "The decrease was caused by both increasing car sales last month and higher prices expectations for gas," said Wang Yan, an industry analyst with the Beijing Anbound Information Technology Co.

  Auto sales last month raced 17.73 percent to 1.56 million units compared with one month earlier.

  In crude oil futures trade, prices of West Texas Intermediate for October delivery closed up $0.99 at $82.66 last Friday, from over $70 a barrel in September.

  The International Energy Agency expected total Chinese oil demand to rise by just 4.8 percent next year to 9.56 million barrels a day, and the US is to burn 18.86 million barrels a day on average in 2011.

Source: Global Times


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