|
|
Oil prices end decline on U.S. inventory drop, Iran tension |
 |
+ |
- |
08:49, July 10, 2008 |
Crude futures ended the two-day slide and rebounded Wednesday on supply concerns brought by falling U.S. crude inventory and the Iranian missile test.
Light, sweet crude for August delivery edged up 1 cent to settle at 136.05 U.S. dollars a barrel on the New York Mercantile Exchange. Prices have tumbled more than 10 dollars within the past two trading sessions since an all-time peak of 145.85 dollars a barrel was reached on Thursday.
U.S. Energy Department said Wednesday in the weekly report that the crude stockpiles fell by 5.9 million barrels during the week ended July 4, a decline of 2 percent. The figure is much more than the market previously predicted.
Futures also rose in response to the report that Iran test-fired nine long- and mid-range missiles as part of a war games exercise, including a type capable of hitting targets inside Israel. Traders are concerned that the tension would disrupt the oil exportation in the area.
In London, Brent crude for August delivery rose 13 cents to settle at 136.58 dollars a barrel on the ICE Futures Exchange.
Source:Xinhua
|
|
|
Comment
Tell A Friend
Print Format
Save Article