World oil prices rose to their highest level in 4 months because of an unexpected drop in U.S. inventories as imports decline and increase in petroleum consumption.
Oil prices rose 1% after the Energy Information Administration Energy Department Statistics stated stockpiles fell 951,000 barrels last week. An increase of 2.2 million is the estimate of the median of 11 analysts surveyed by Bloomberg.
Consumption rebounded from the lowest level since March.
"Withdrawal of crude oil has surprised the market," said Phil Flynn, senior market analyst at Price Futures Group in Chicago, as quoted by Bloomberg, on Thursday (17/1). "The need to be more stringent than expected," he added.
West Texas Intermediate crude oil (WTI) for February delivery rose 96 cents to U.S. $ 94.24 a barrel on the New York Mercantile Exchange, the highest closing level since 18 September. Prices have gained 2.3% since the beginning of this year. Trading volume was 37% above the average of 100 days.
Brent oil for February delivery, which expires today, gained 31 cents to U.S. $ 110.61 a barrel on the ICE Futures Europe exchange, based in London. Active contract in March rose 5 cents to U.S. $ 109.68. Turnover totaled 7.6% below the average of 100 days.
Oil prices rose 1% after the Energy Information Administration Energy Department Statistics stated stockpiles fell 951,000 barrels last week. An increase of 2.2 million is the estimate of the median of 11 analysts surveyed by Bloomberg.
Consumption rebounded from the lowest level since March.
"Withdrawal of crude oil has surprised the market," said Phil Flynn, senior market analyst at Price Futures Group in Chicago, as quoted by Bloomberg, on Thursday (17/1). "The need to be more stringent than expected," he added.
West Texas Intermediate crude oil (WTI) for February delivery rose 96 cents to U.S. $ 94.24 a barrel on the New York Mercantile Exchange, the highest closing level since 18 September. Prices have gained 2.3% since the beginning of this year. Trading volume was 37% above the average of 100 days.
Brent oil for February delivery, which expires today, gained 31 cents to U.S. $ 110.61 a barrel on the ICE Futures Europe exchange, based in London. Active contract in March rose 5 cents to U.S. $ 109.68. Turnover totaled 7.6% below the average of 100 days.
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