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Oil Prices Jump on Inventories, Fed

NEW YORK -- Energy futures rose sharply Wednesday after the government reported unexpected declines in supplies of crude and heating oil last week and the Federal Reserve announced a plan to help banks weather the credit crisis, according to the Associated Press.

Crude supplies fell 700,000 barrels during the week ended Dec. 7, according to a weekly inventory report from the Energy Department's Energy Information Administration. Analysts had expected a 100,000 barrel increase.

Light, sweet crude for January delivery rose $4.37 to settle at $94.39 a barrel on the New York Mercantile Exchange, and January heating oil futures jumped 12.02 cents to settle at $2.6432 a gallon. It was crude's highest close since Nov. 27.

Posted by Peter C. T. Elsworth  at 4:15 PM to Crude oil market | Permalink

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