Crude oil surges past US$80, peaks to all year highs

Light sweet crude oil for December delivery rose to US$81.3. Crude oil prices have surged to all year highs, on fresh data by IEA indicating a smaller than expected build in weekly inventories in USA coupled with news of a weaker dollar that provides a thrust to oil's hedge appeal. Commercial crude oil inventories in USA increased by 1.3 mln barrels in the week ended October 16 to 339.1 mln barrels. Total motor gasoline inventories decreased by 2.3 mln barrels last week, distillate fuel inventories decreased by 800,000 barrels and propane/propylene inventories decreased by 1.4 mln barrels. The dollar hit a new 14-month low against the euro.
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