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Oil price edges up on supply disruptions

Oil&Gas Materials 13 January 2011 00:53
U.S. crude oil futures prices rose on Wednesday after the government reported a larger-than- expected drop in crude oil supplies, Xinhua reported.
Oil price edges up on supply disruptions

U.S. crude oil futures prices rose on Wednesday after the government reported a larger-than- expected drop in crude oil supplies, Xinhua reported.

The Energy Department reported the country's commercial oil supplies fell by 2.2 million barrels to 333.1 million barrels last week, more than the previous estimate of a decline of 0.3 million barrels.

Meanwhile, demand for oil has remained robust in emerging markets, particularly in Asia. Some analysts expect the price to top 95 dollars a barrel and perhaps push toward 100 dollars a barrel in the coming weeks.

Light, sweet crude for February delivery rose 75 cents to 91.86 U.S. dollars a barrel on the New York Mercantile Exchange.

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