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Oil above $80, investors eye U.S. crude stocks

LONDON - Oil climbed further above $80 a barrel on Wednesday after three days of losses as investors expected weekly U.S. data to show crude stocks declining and raising the prospects for a winter supply crunch, according to Reuters.

U.S. crude gained 46 cents to $80.51 a barrel by 9:11 a.m. EDT (1311 GMT). Prices had fallen close to $3 from a near record high late last week on concerns the global credit crunch would stymie U.S. and European economic growth.

Posted by Peter C. T. Elsworth  at 9:48 AM to Crude oil market | Permalink

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