{"id":12971,"date":"2011-01-05T19:20:09","date_gmt":"2011-01-05T18:20:09","guid":{"rendered":"http:\/\/bontrade.org\/blog49\/12971\/oil-prices-reverse-path-and-climb-higher-after-eia-data\/"},"modified":"2011-01-05T19:20:09","modified_gmt":"2011-01-05T18:20:09","slug":"oil-prices-reverse-path-and-climb-higher-after-eia-data","status":"publish","type":"post","link":"https:\/\/bontrade.org\/blog49\/12971\/oil-prices-reverse-path-and-climb-higher-after-eia-data\/","title":{"rendered":"Oil prices reverse path and climb higher after EIA data"},"content":{"rendered":"

Crude oil prices for both Brent and WTI futures reversed path in trading this afternoon, as the latest oil supply data out of the US showed another big decline in American crude oil stocks.<\/p>\n

Latest Crude Oil Prices<\/strong><\/p>\n

In London, Brent oil futures for February 2011 delivery was trading at $95.53, 18.00 GMT on the ICE Futures Exchange.<\/p>\n

WTI oil futures for February 2011 delivery was at $90.57, 18.00 GMT on the NYMEX. Both oil contrcts gained well over one percent in the last hour alone.<\/p>\n

Grim EIA Data Helps Lift Oil Prices<\/strong><\/p>\n

US Department of Energy on Wednesday reported a larger than expected decline in crude oil stocks, reporting that US crude oil stockpiles fell 4.2 million barrels during the week ended 31st December 2010, exceeding the 2.2 million barrel average draw analysts had expected.<\/p>\n

\n
\"Digg<\/a><\/div>\n
\"Reddit<\/a><\/div>\n
\"Stumble<\/a><\/div>\n
\"Buzz<\/a><\/div>\n
\"Vote<\/a><\/div>\n
\"Share<\/a><\/div>\n
\"Bookmark<\/a><\/div>\n
\"Kick<\/a><\/div>\n
\"Shout<\/a><\/div>\n
\"Share<\/a><\/div>\n
\"Bookmark<\/a><\/div>\n
\"Post<\/a><\/div>\n
\"Google<\/a><\/div>\n<\/div>\n