Thursday, January 22, 2009
Oil rose $ 44 on Thursday, supported by the winter weather in the northern hemisphere and reports of lower supplies, but traders were cautious before the U.S. inventory data expected to show a large increase in crude stocks .
Stocks of crude in the United States is expected to have risen by 1.4 million barrels and gasoline by 1.9 million barrels in weekly data to be published later on Thursday.
The U.S. light crude for March delivery rose $ 1.25 to a maximum of $ 44.80 before the operation at 44.67 at 1000 GMT. On Wednesday, the contract climbed $ 2.71, its highest closing price since January 6.
London Brent crude advanced $ 1.13 to $ 46.15 a barrel.
Tony Machacek, broker at Bache Commodities London, said the marking was being supported by a variety of factors including a stronger demand for heating fuel and a preview of the European and U.S. stock markets, which boosted the outlook.
"The equity markets look less weak at the beginning of the week," he added.
Labels: Business
