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Oil prices rise after US report says heating oil stocks fell unexpectedly last week
Published in Saudi Press Agency on 24 - 01 - 2008


Crude oil futures rose Thursday after a
government report of a drop in heating oil stockpiles and a
recovery on world stock markets outweighed investors'
concerns about the U.S. economy, reported The Associated Press.
In its weekly inventory report, the Energy Department's
Energy Information Administration said supplies of
distillates, which include heating oil and diesel fuel,
fell by 1.3 million barrels last week. Analysts surveyed by
Dow Jones Newswires, on average, had expected distillate
supplies to remain unchanged.
The surprise drop in distillate stockpiles appeared to
counter a slight increase in supplies of crude oil and an
unexpected jump in gasoline inventories. Domestic crude
inventories rose last week by 2.3 million barrels, slightly
more than analysts had expected. Gasoline inventories
jumped by 5 million barrels, more than triple analyst
expectations.
Light, sweet crude for March delivery rose 97 cents to
$87.96 a barrel on the New York Mercantile Exchange.
Oil prices have fallen in recent days on concerns about
the economy. Analysts say energy futures have been
following equity markets, which dropped earlier this week
on recession worries. But the stock market's late recovery
on Wednesday, as well as overnight rallies by stock markets
in Europe and Asia, helped push energy futures higher
earlier Thursday, before the Energy Department issued its
report.
Energy investors often view stocks as a proxy for economic
growth, fearing that a slowdown would curtail demand for
oil and petroleum products such as gasoline and heating
oil.
Other energy futures were mixed. February gasoline slid
0.16 cent to $2.2492 a gallon on the Nymex, and February
heating oil rose 2.94 cents to $2.4525 a gallon.
February natural gas rose 11.9 cents to $7.74 per 1,000
cubic feet on the Nymex. In a separate report, the EIA said
natural gas inventories fell last week by 155 billion cubic
feet, in line with expectations.


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