Crude Oil Advances for a Fifth Day After U.S. Inventory Decline |
| Bloomberg - Dec 28, 2007 |
Crude oil rose a fifth day in New York after an Energy Department report showed U.S. inventories declined more than expected last week.
Stockpiles fell to the lowest since January 2005, and supplies of distillate fuel, including heating oil, dropped the most since February. Prices initially rose after yesterday's assassination of Benazir Bhutto, Pakistan's former prime minister, heightened concern violence would persist in the nuclear-armed nation.
``The U.S. stock data has been supportive for product prices,'' said Robert Laughlin, a senior broker at MF Global Ltd. in London. ``Whilst the Pakistan problems are not directly oil- related, Bhutto was such a high-profile figure her assassination has resurfaced the global terror alert.''
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- Posted: 2007-12-28 10:11:13
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