The upward trend in oil prices continues after Federal Reserve Chairman’s speech led to some uncertainty about the central bank’s support to the economy. Weighing down oil prices is EIA’s crude weekly inventory report that shows a week-on-week draw of product and crude inventory, despite supply interruptions from Canada due to Enbridge Inc.’s 670,000 bpd crude pipeline shut since September 9. Overall stocks continue to be above the 5-year average with a year-over-year increase.
Towards end of week, markets have taken a breather as traders paused ahead of a weekend meeting of the Group of 20 industrial and developing nations. Light, sweet crude for December delivery rose to US$81.6 on the Nymex, while Brent crude rose on the ICE futures exchange at US$82.96 a barrel.