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Wednesday, July 20, 2011

Oil prices rose on july 20 2011, after news that US crude stocks slumped

Oil prices rose on july 20 2011, after news that US crude stocks slumped : Oil prices rose on Wednesday after news that US crude stocks slumped last week, signalling strengthening energy demand in the world's biggest economy.

New York's main contract, light sweet crude for August delivery advanced 69 cents to $98.19 a barrel. Brent North Sea crude for September delivery added 99 cents to $118.05.

US crude oil inventories tumbled 3.7 million barrels in the week to July 15, far more than market expectations for a drop of only 1.4 million barrels, according to analysts polled by Dow Jones Newswires.

Official data showed gasoline (petrol) reserves rose 800,000 last week, confounding forecasts for a drop of 200,000. Distillates, including diesel and heating fuel, soared 3.4 million barrels, against expectations for a gain of 1.2 million.

Prices also advanced amid tentative signs of progress over a second Greek bailout package, easing investor concerns that the eurozone debt crisis could undercut economic growth. For the latest updates PRESS CTR + D or visit Stock Market news Today

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