Oil prices rise to US$59.59 a barrel ahead of US inventory report

25-Oct-06

Oil prices rose to US$59.59 a barrel, ahead of U.S. government data on domestic fuel inventories. Earlier this week, oil futures saw a drop as doubts prevailed about OPEC's ability to implement its recent decision to cut daily production by more than 1 million barrels. Crude oil inventories are expected to grow for the fourth week in a row, by 2.7 million barrels. Distillate stocks, which include heating oil, are expected to fall by 1.6 million barrels to 143.8 million barrels.