Oil rebounds to $94 a barrel

31.10.2007

by Tim Bennett

See more by this author

Related Articles

• Oil price: it's all about the supply
• Why this will be the year of $100 oil
• Dig deep for oil investment opportunities

FREE email from MoneyWeek

Discover the latest profit opportunities and understand what’s really going on in the investment world with our punchy daily email.  CLICK HERE

Our Most Popular Articles

• House prices record first annual fall since 1996
• The painful rise in the price of food
• Bargain shares among the small caps
• The UK will be in recession by next year
• What to do with your money during the bear market

This genius investor does dizzying levels of research to uncover...Half Price Shares!

Oil prices, which fell sharply on Tuesday, rebounded to a new high of $94 a barrel today after news of an unexpected drop in US inventories. In New York, December West Texas Intermediate (WTI), which had set a new record on Monday of $93.80, rose to $94. Whilst in London, December Brent was $3.10 higher at $90.54 a barrel. US crude inventories fell by an unexpected 3.9m barrels last week, against market expectations for a rise of 0.6m barrels. Much of the fall occurred at Cushing Oklahoma, the delivery point for WTI, where strong demand pushed stocks down by 3.1m barrels to 15.1m barrels - their lowest level since the disruption caused by hurricane Katrina in October 2005.

Free Daily Email sign up

Sign up here

Money Morning is the FREE daily email from MoneyWeek – a punchy round-up of the latest investment news and profit opportunities. DON’T MISS IT!