Oil prices bounced back to levels above US$58 as the market awaits release of the weekly U.S. inventory report. Light sweet crude for December delivery rose to US$58.47 a barrel in midmorning Asian electronic trading on the New York Mercantile Exchange. Last week showed declines in U.S. supplies of gasoline and diesel fuel above the average for this time of year. Oil and natural gas supplies were reported to be ample last week.
After declining 25% from a summer peak above $78 a barrel, oil prices continue to hover around the US$60 level over the past month, even as the Organization of Petroleum Exporting Countries (OPEC) announced a 1.2 million bpd production cut, and violence in Nigeria raised supply worries.
15-Nov-06 
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