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Oil prices climb ahead of US energy report
AFP
LONDON
Petroleumworld.com 11 08 06
World oil prices rose on Wednesday as traders awaited the latest weekly update on crude inventories in the United States, which is the world's biggest energy-consuming nation.
New York's main contract, light sweet crude for delivery in December, added 22 cents to 59.15 dollars per barrel in electronic deals before the official opening of the US market.
In London, Brent North Sea crude for December delivery gained 21 cents to 58.69 dollars per barrel in electronic trading.
"The market today is reacting ahead of the inventory data," said Tetsu Emori, chief commodities strategist for Mitsui Bussan Futures in Tokyo.
Analysts expected the US Department of Energy (DoE) report to show that US crude oil reserves grew by 775,000 barrels during the week ending November 3.
Stocks of distillate products, including heating oil, were expected to fall by 800,000 barrels. But warmer US weather should allow them to bounce back in the coming weeks, traders said.
On Tuesday, crude futures dived by more than a dollar on forecasts of milder weather and rising US crude inventories.
AFP 08 0958 GMT 11 06Copyright© 2006 AFP. All Rights Reserved.
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