Oil Trades Near Four-Day High as U.S. Supplies Counter Debt Rating Concern

Oil traded near a four-day high in New York after signs of rising crude demand in the U.S. countered speculation the world’s biggest consumer of the commodity may face a credit rating downgrade.

Futures were little changed, after slipping as much as 0.5 percent, as Moody’s Investors Service put the U.S. under review for a rating downgrade as talks to raise its $14.3 trillion debt limit stall. Prices advanced 0.6 percent yesterday after the Energy Department said oil supply fell 3.1 million barrels last week. They were projected to drop 1.5 million barrels.

Crude for August delivery was at $98.07 a barrel, up 2 cents, in electronic trading on the New York Mercantile Exchange at 9:03 a.m. Sydney time. The contract yesterday rose 62 cents to $98.05, the highest close since July 7. Prices are 27 percent higher the past year.

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- Posted: 2011-07-13 20:37:55

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