New York oil price hits record high of 94.00 usd per barrel |
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Published
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Wed, 31 Oct 2007 16:56
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LONDON (Thomson Financial) - Oil surged to a new all time record high of 94 usd a barrel in New York after weekly US government data showed a shock fall in crude stocks ahead of the peak demand northern hemisphere winter.At 3.39 pm, New York crude contracts for December delivery were quoted up 3.01 usd at 93.40 usd per barrel, having just hit a new record peak amid worries over supply.The Energy Information Administration said in the week to Oct 26, crude stocks fell by 3.9 mln barrels, leaving them 7.5 pct below last year's levels. Analysts were expecting stocks to rise by 0.1 mln barrels.The decline in stocks came despite a fall in demand for crude - in the form of a 13,000 bpd weekly drop in crude oil refinery inputs - and a 278,000 bpd weekly increase in crude imports.'The market is clearly reacting to the larger than expected 3.9 mln barrel drop in crude oil inventories, including a stunning 3.1 mln barrel drop at the Cushing, Oklahoma delivery point for the NYMEX WTI futures,' said Tim Evans, analyst at Citigroup.maytaal.angel@thomson.comma/ejpCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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