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January 9, 2008
VIENNA, Austria -- Oil prices rose Wednesday amid expectations a U.S. government report will show crude oil stockpiles fell last week, according to the Associated Press.
Prices were also supported by fears of further violence in Nigeria, the world's eighth-largest oil producer.
Analysts surveyed by Dow Jones Newswires predict crude inventories likely fell 800,000 barrels last week, while supplies of distillates, which include heating oil, likely fell 300,000 barrels. The U.S. Energy Department's Energy Information Administration will release the report later Wednesday.
"That would be the eighth consecutive week of crude oil stock draws and U.S. crude oil inventories are already below the five year average for this time of the year," said Victor Shum, an energy analyst with Purvin & Gertz in Singapore.
Light, sweet crude for February delivery added 24 cents to $96.57 a barrel by afternoon in Europe in electronic trading on the New York Mercantile Exchange. The contract rose $1.24 to settle at $96.33 a barrel on Tuesday.
Posted by Peter C. T. Elsworth 
at 9:53 AM to Crude oil market
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