Oil Trades Near 4-Day High as U.S. Supply Counters Debt Review |
| Bloomberg - Jul 14, 2011 |
Oil traded near a four-day high in New York after signs of shrinking crude supplies in the U.S. countered speculation the world’s biggest consumer of the commodity may face a credit-rating downgrade.
Futures swung between gains and losses after Moody’s Investors Service put the U.S. rating under review as talks to raise its $14.3 trillion debt limit stall. The Energy Department said yesterday that oil stockpiles fell for a sixth week and gasoline supplies dropped.
“It’s a worry, this downgrade,” said Anthony Nunan, an assistant general manager for risk management at Mitsubishi Corp. in Tokyo. “That’s a scary thing, the uncertainty this is creating in the market.”
Crude for August delivery was at $98.16 a barrel, up 11 cents, in electronic trading on the New York Mercantile Exchange at 3:22 p.m. Singapore 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: 2011-07-14 12:42:05
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