• 10 tips to find bargains

    Susan Erasmus gives advice on how bargain hunters can get the most bang for their buck.

  • Inside Labour

    Labour's bitter breaches need to be seen in historical context, says Terry Bell.

  • Rich getting richer

    Economists differ on how to tackle the chasm between rich and poor, says Leopold Scholtz.

Loading...
See More

Oil resumes strong run

Jan 13 2011 10:08 AFP

Related Articles

Oil prices edge lower

Oil up as trans-Alaska pipeline stays shut

Oil slides as dollar strengthens

Oil around $90 on upbeat US jobs data

Oil prices slide after recent surge

Oil price see-saws in Asian trade

 

Singapore - Oil prices rose for a fourth consecutive day in Asian trade on Thursday on a sharp slump in crude stockpiles, indicating strong demand in the world's biggest economy, analysts said.

New York's main contract, light sweet crude for February delivery, gained 22 cents to reach $92.08 a barrel.

Brent North Sea crude for February was up 24c at $98.36.

"The dip in the US inventory is supportive of the continued (oil price) rally," said Victor Shum, senior principal at energy consultancy Purvin and Gertz in Singapore.

The US Department of Energy reported late on Wednesday that crude stockpiles sank by 2.2 million barrels last week. The decline was sharper than expected and suggested stronger demand in the world's biggest oil consuming nation.

The Commonwealth Bank of Australia said in a report that demand was being bolstered by heating oil needs as blizzards hit the US northeast.

A second snow storm that slammed into the northeastern United States has forced hundreds of flights to be cancelled and postponed in New York's airports.

commodities  |  markets  |  oil

NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

Brought to you by BizNews

More from BizNews

We're talking about:

SMALL BUSINESS

Johannesburg has been selected to host the Global Entrepreneurship Congress in 2017. "[The congress] will ensure that small business development remains firmly on the national agenda and the radar screen of all stakeholders, the Small Business Development minister said.
 
 

Business tips from the world’s billionaires

We share some of the world's most successful people's greatest tips and who knows, this might just lead you to your first million!

 
 

Luxury living

5 millionaires turned murderers
The youngest billionaires in the world and how they made it
Watch: Flying first class has never been this luxurious!
What to expect inside a royal nursery

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

How do you see your boss? He/sheis:

Previous results · Suggest a vote

Loading...