New York's main contract, light sweet crude for delivery in January spiked by over a dollar to US$89.4 a barrel, while Brent North Sea crude for February spiked to US109.9 a barrel. The oil price rally was triggered by a report from USA that its energy stockpiles had fallen last week, indicating increasing demand in the world's biggest economy. As per the US Department of Energy, stockpiles of heating fuel and crude oil both dropped last week. Crude stocks fell by 1.0 million barrels, less than analyst expectations for a drop of 1.3 million.
20-Dec-12 
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