The US federal government has announced plans to boost the country's emergency crude stockpile this spring at a rate of 100,000 bpd, to 1.5 billion barrels, from 691 million barrels. This announcement has caused oil prices to settle above US$55 a barrel on Tuesday, a rally that is expected to last only until today's inventory report from the Department of Energy.
Light, sweet crude for March delivery on the New York Mercantile Exchange spiked by US$2.48 to settle at US$55.04 in New York. It was the largest one-day jump since Sept. 19, 2005. March Brent crude on London's ICE Futures exchange settled at $55.10, up $2.40 a barrel.
24-Jan-07 
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