Crude rises in New York on unexpected drop in official energy stockpiles in USA

21-Oct-11

The US Department of Energy has reported fall of 4.7 million barrels in crude stockpiles in USA, in the week to October 14. The market reads this as an underlying oil demand from the US, easing concerns about a slowdown in the global economic growth. News of an unexpected drop in official energy stockpiles in the world number one consumer has evoked mixed reaction- Crude inched up on the Nymex to US$88.5, while Brent North Sea crude for December dropped to US$110.7.