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Oil hovers around $82

LONDON - Oil hovered around $82 a barrel on Thursday as sinking U.S. crude inventories and the threat of a storm gathering near Florida increased worries of a winter supply crunch in the world's top consumers, according to Reuters News Agency.

Oil has traded above $80 for the past week but OPEC officials and oil analysts say the lofty price is unsustainable.

U.S. light crude edged up 35 cents to $82.27 a barrel by 9:00 a.m., after a record-high of $82.51 on Wednesday, the sixth straight session to hit a record. London Brent crude fell 33 cents to $78.14.

Oil has risen by a third this year, driven by worries of fuel shortages during the Northern Hemisphere winter, supply risks in countries ranging from Mexico to Iran and flows of money into oil and out of poorly performing equity markets.

Posted by Peter C. T. Elsworth  at 9:28 AM to Crude oil market | Permalink

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