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| Declining stockpiles push oil up | |
| (about 6 hours later) | |
| Oil prices rallied towards $65 a barrel for the first time since November after a decline in US stockpiles. | |
| Commercial crude inventories fell by 5.4m barrels last week as refiners ramped up operations, the Energy Information Administration said. | |
| In afternoon trading, US light sweet crude was up $1.16 at $64.61 a barrel, after briefly touching $64.99. | |
| It had earlier fallen to $63.24 as a meeting of the oil producers' cartel Opec decided to keep output unchanged. | |
| The Saudi oil minister has predicted oil prices will reach $75 this year. | The Saudi oil minister has predicted oil prices will reach $75 this year. |
| David Hart, oil analyst at Hanson Westhouse, agrees that the oil price will rise in the second half of 2009. | David Hart, oil analyst at Hanson Westhouse, agrees that the oil price will rise in the second half of 2009. |
| "Previously announced Opec supply cuts should begin to make some headway into reducing elevated stockpiles of crude," he said. | "Previously announced Opec supply cuts should begin to make some headway into reducing elevated stockpiles of crude," he said. |
| "Economic growth also stands a chance of beginning again by year end, which would also lend support." | "Economic growth also stands a chance of beginning again by year end, which would also lend support." |
| Opec had previously undertaken to cut output by 4.2 million barrels per day from production levels in September of last year. | Opec had previously undertaken to cut output by 4.2 million barrels per day from production levels in September of last year. |