All data is delayed
See More

Oil resumes strong run

Jan 13 2011 10:08

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



Read Fin24’s Comments Policy 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
Comments have been closed for this article.

Company Snapshot

We're talking about:


With infrastructure spending having been identified as one of the key focus areas of the National Development Plan, tradesmen will continue to play a critical role in growing the South African economy through their skills..

Money Clinic

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

Voting Booth

A 30% a month return on investment is:

Previous results · Suggest a vote