After hovering around US$65 levels for weeks, crude oil prices spiked to a 4 month high. Despite a rise in U.S. supplies of oil and refined products, the market seemed to be weighed by supply disruption concerns due to the Iranian nuclear dispute and political unrest in Nigeria. Light sweet crude for February delivery rose by over one dollar to US$66.83 a barrel on the New York Mercantile Exchange- the highest closing price since Sept. 19. In London, March Brent crude rose to US$65.23 a barrel.
The U.S. Energy Department report showed domestic crude-oil inventories grew by 2.7 million barrels last week to 321.4 million barrels – 12% above year ago levels. Gasoline inventories grew by 2.8 million barrels to 211.6 million barrels and distillate (including heating oil and diesel) increased by 900,000 barrels to 134.7 million barrels.
20-Jan-06 
