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SINGAPORE (AP) — Oil prices rose to near $85 a barrel Wednesday in Asia after a report showed U.S. crude supplies fell more than expected, suggesting demand may be improving.
Benchmark oil for July delivery was up 57 cents to $84.86 per barrel in electronic trading on the New York Mercantile Exchange. The contract rose 31 cents to settle at $84.29 in New York on Tuesday.
In London, Brent crude for July delivery was up 46 cents at $99.30 per barrel on the ICE Futures exchange.
The American Petroleum Institute said late Tuesday that crude inventories fell 1.8 million barrels last week while analysts surveyed by Platts, the energy information arm of McGraw-Hill Cos., had predicted a drop of 1 million barrels.
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=53739
Benchmark oil for July delivery was up 57 cents to $84.86 per barrel in electronic trading on the New York Mercantile Exchange. The contract rose 31 cents to settle at $84.29 in New York on Tuesday.
In London, Brent crude for July delivery was up 46 cents at $99.30 per barrel on the ICE Futures exchange.
The American Petroleum Institute said late Tuesday that crude inventories fell 1.8 million barrels last week while analysts surveyed by Platts, the energy information arm of McGraw-Hill Cos., had predicted a drop of 1 million barrels.
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=53739
