Commodities: Oil futures rise

12.12.2007

Oil futures rose on Tuesday after the Federal Reserve cut rates and forecasts showed that inventories have fallen again last week.

Crude oil for January rose $2.16 to $90.02 a barrel as interest rates were cut by a quarter point to 4.25%.

Inventories are expected to have fallen by 2m barrels last week, according to energy information provider Platts.

The Energy Information Administration and American Petroleum Institute will release separate reports on inventories on Wednesday.

Gold moved ahead by $3.60 to $817.10 an ounce.

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