Gas Week

EWN Publishing

Crude oil rises to more than $US81 a barrel for the first time; market “has the legs to get up to $US83-$US84”

Posted by gasweek on 3 October, 2007

Crude oil rose to more than $US81 a barrel for the first time on speculation that rising demand will deplete stockpiles needed during the northern winter, according to The Age (19/9/2007, p. B5).

Oil inventories fall for 10th time in 11 weeks: The price later settled at $US80.57. A US Energy Department report on 19 September would probably show oil inventories fell for the 10th time in 11 weeks, according to a Bloomberg News survey of 12 analysts. Heating oil supplies were 13.3 per cent below the five-year average.

Crude gains 14 per cent in past month: Crude has gained 14 per cent in the past month as demand peaked in the fourth quarter when refiners made heating fuel. “There is not a whole lot of crude to go around,” said Tom Hartmann, commodity broker at Altavest Worldwide Trading in Mission Viejo, California. “From a technical standpoint, this market probably has the legs to get up to $US83-$US84.”

The Age, 19/9/2007, p. B5

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