Oil prices shot up by over US$2 a barrel as a delayed reaction to U.S. government data released the previous day that showed that domestic inventories of crude oil declined by 1.3 million barrels last week to 338.6 million barrels (9 percent above year-ago levels) couple with news that Eni SPA's Nigerian unit would not fully repair a 75,000 bpd pipeline that was sabotaged until the end of the month
Light sweet crude for May delivery gained US$2.14 to settle at US$63.91 a barrel on the New York Mercantile Exchange. May Brent crude futures on ICE Futures in London rose US$1.77 to settle at US$63.27 a barrel.
24-Mar-06 
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