Oil Rises After Decline in US Inventories

Oil prices rose, reversing their earlier trend, after US inventory data showed a greater than expected fall in energy inventories amid a decline in refining capacity and solid demand.

Gains were limited, however, by bets OPEC might concentrate on implementing its existing output cut at its meeting tomorrow rather than introducing a new production cut.

At 3:54 p.m. in London, front-month Brent North Sea crude contracts for January delivery were up 23 cents at US$61.75 a barrel, after settling down 32 cents at US$61.52 yesterday.

Meanwhile, front-month New York light sweet crude contracts for January delivery rose 57 cents at US$61.59 a barrel, after dipping 20 cents to close at US$61.02 yesterday.

Copyright 2006 AFX News Limited. All Rights Reserved.

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Brent Crude Oil : $55.49/BBL 2.45%
Light Crude Oil : $52.42/BBL 2.04%
Natural Gas : $3.2/MMBtu 5.04%
Updated in last 24 hours