Unexpected fall in US gasoline stocks, oil prices continue week long rally

16-Oct-09
Oil prices continue on their week long rally, rising past US$78 per barrel. Benchmark crude for November delivery rose to US$78.1 before slipping back to US$78.03 by midday Singapore time in electronic trading on the New York Mercantile Exchange. Oil prices were propped by news of an unexpected fall in US gasoline inventories by 5.2 million barrels as per the IEA. Crude supplies rose 400,000 barrels compares to an anticipated 2.2 million barrel gain. Weakening US dollar has also helped boost oil this week. Crude rose by about two dollars on Thursday, driven by a weakening dollar and stronger equities to rise for a sixth consecutive day.
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