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| Version 1 | Version 2 |
|---|---|
| Oil price up on US supply slump | Oil price up on US supply slump |
| (about 4 hours later) | |
| Oil prices rose above $77 a barrel on Thursday as official data showed that US reserves of crude and petrol had fallen more heavily than expected. | Oil prices rose above $77 a barrel on Thursday as official data showed that US reserves of crude and petrol had fallen more heavily than expected. |
| Dwindling hopes of a rise in output from next week's meeting of producers cartel Opec, also pushed up prices. | Dwindling hopes of a rise in output from next week's meeting of producers cartel Opec, also pushed up prices. |
| October light sweet crude rose 57 cents to $76.30 a barrel having climbed above $77 earlier. Meanwhile Brent crude surged 43 cents to $74.77. | |
| The rise is a move towards the record high of $78.77, seen on 1 August. | The rise is a move towards the record high of $78.77, seen on 1 August. |
| Gains were pared by data showing higher utilisation of US refineries. | |
| 'Tight market' | 'Tight market' |
| US Energy Information Administration figures showed that American crude reserves had slumped by 3.9 million barrels in the week to 31 August. Analysts had expected a drop of about 2.2 million barrels. | US Energy Information Administration figures showed that American crude reserves had slumped by 3.9 million barrels in the week to 31 August. Analysts had expected a drop of about 2.2 million barrels. |
| Meanwhile petrol inventories fell by 1.5 million barrels. | Meanwhile petrol inventories fell by 1.5 million barrels. |
| The new head of the International Energy Agency (IEA) said the high oil prices were sending a message to Opec about the tightness of the market. | The new head of the International Energy Agency (IEA) said the high oil prices were sending a message to Opec about the tightness of the market. |
| Nobuo Tanaka took over as head of the Paris-based agency at the start of the month. | Nobuo Tanaka took over as head of the Paris-based agency at the start of the month. |
| "The price level is a signal. The market is still very tight, but our concern is what will happen in the future," he said. | "The price level is a signal. The market is still very tight, but our concern is what will happen in the future," he said. |
| He added that it was too early to judge what the effect of the turmoil in financial markets would be on demand for oil. | He added that it was too early to judge what the effect of the turmoil in financial markets would be on demand for oil. |
| "We will have some kind of assessment by the end of the year." | "We will have some kind of assessment by the end of the year." |