Crude Oil Prices Surges Above $119 Per Barrel, on Gasoline Supply Drop

Oil surges above 119 U.S. dollar on gasoline supply drop

www.chinaview.cn 2008-08-21 21:50:18

NEW YORK, Aug. 21 (Xinhua) --

Crude oil surged back above 119 U.S. dollars a barrel Thursday morning on the larger-than-expected drop in U.S. gasoline inventory.

Light, sweet crude for October delivery rallied 3.76 dollars to119.32 dollars a barrel as of 09:41 EST (1341 GMT) on the New York Mercantile Exchange.

Editor: An

Crude prices rise slightly on inventories report

www.chinaview.cn 2008-08-21 07:37:52

NEW YORK, Aug. 20 (Xinhua) --

Crude prices rose slightly Wednesday after a U.S. government report showed a massive increase in crude stockpiles last week.

The Energy Department said crude inventories rose by 9.4 million barrels in the week ended Aug. 15, after a big gain in imports. The figure is much higher than the average analyst forecast for a 1.7 million-barrel increase.

Meanwhile, gasoline inventories shrank by a larger-than-expected 6.2 million barrels to below-average levels, distillate inventories, which include heating oil and diesel fuel, rose by less than expected.

Light, sweet crude for September delivery rose 45 cents to 114.62 U.S. dollars on the New York Mercantile Exchange, after rising as high as 117.03 dollars before the inventory data was released.

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