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Oil soars to touch $95 a barrel | |
(about 4 hours later) | |
Oil prices continued their upward ascent, touching $95 a barrel in late New York trade as crude inventories disappointed for the second week. | |
US light crude ended the trading session up $4.15 to $94.53 a barrel, while London Brent traded at $90.63 a barrel, up $3.19. | |
The US government's figures showed that domestic crude stocks fell by 3.9 million barrels last week. | The US government's figures showed that domestic crude stocks fell by 3.9 million barrels last week. |
Analysts had forecast an increase of 100,000 barrels. | Analysts had forecast an increase of 100,000 barrels. |
"I am very surprised, the crude number is insanely bullish, it's a big drop, for the second week in a row," said Mike Wittner, global head of oil research at SocGen in London. | "I am very surprised, the crude number is insanely bullish, it's a big drop, for the second week in a row," said Mike Wittner, global head of oil research at SocGen in London. |
Volatile trade | Volatile trade |
The US is the world's biggest energy consumer and therefore, the state of its inventories is a key concern. | The US is the world's biggest energy consumer and therefore, the state of its inventories is a key concern. |
Over the course of Wednesday, prices rocketed by as much as $4 to $5 in highly volatile trade. | Over the course of Wednesday, prices rocketed by as much as $4 to $5 in highly volatile trade. |
An array of factors have been driving oil prices higher. | An array of factors have been driving oil prices higher. |
Oil prices have risen as the sliding greenback makes oil, which is priced dollars, cheaper to buy outside the US. | Oil prices have risen as the sliding greenback makes oil, which is priced dollars, cheaper to buy outside the US. |
The dollar hit its weakest levels against the pound since 1981 on Wednesday. | The dollar hit its weakest levels against the pound since 1981 on Wednesday. |
At the same time, oil investors have been casting a nervous eye on Turkey's threats to carry out a major military incursion into northern Iraq to attack Kurdish rebels. | At the same time, oil investors have been casting a nervous eye on Turkey's threats to carry out a major military incursion into northern Iraq to attack Kurdish rebels. |
In past months, there have also been concerns about the stop-start violence in Nigeria's main oil producing region, the international community's unresolved nuclear dispute with Iran and heating supplies for the US winter. | In past months, there have also been concerns about the stop-start violence in Nigeria's main oil producing region, the international community's unresolved nuclear dispute with Iran and heating supplies for the US winter. |
Mexico was forced to halt one-fifth of oil production at the start of the week by a tropical storm hitting its Caribbean coast, sparking further supply fears, but it now expects to resume full production by Wednesday. | Mexico was forced to halt one-fifth of oil production at the start of the week by a tropical storm hitting its Caribbean coast, sparking further supply fears, but it now expects to resume full production by Wednesday. |
Some analysts expect crude prices to hit $100 a barrel before the end of the year. | Some analysts expect crude prices to hit $100 a barrel before the end of the year. |
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