Oil rises on surprise drop in US supply

Oil rose from the lowest price in two weeks after a surprise drop in US stockpiles, and as an unexpected advance in German business confidence countered concern that Europe's debt crisis will trigger a recession.

New York futures gained as much as 1.1 per cent. Crude inventories declined last week to the lowest since January 2010, according to an Energy Department report yesterday. German business confidence unexpectedly rose for the first time in five months in November. The official Saudi Press Agency reported that four people were killed and nine wounded in violence in the kingdom's eastern province.

"Oil is holding the banner high, with strong demand for heating oil as we move into the winter combined with the lack of sweet crude from Libya," said Thorbjorn Bak Jensen, an analyst at Global Risk Management in Middelfart, Denmark, who forecasts Brent will average $US107 a barrel this quarter.

Read Full Article from Sydney Morning Herald

- Posted: 2011-11-24 13:46:05

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