Oil up slightly on inventories data
Crude oil prices rose slightly on Wednesday after the release of weekly US inventories figures by the Energy Information Administration. Crude oil stockpiles were down by 2.9 million barrels last week, much more than the expected decline of 1.9 million barrels. The declines were blamed on stepped-up refinery production in anticipation of higher demand for heating oil as autumn approaches.
Inventories for distillates, including heating oil, was up by 4.7 million barrels last week, much above the expected increase of 1.7 million barrels. Gasoline stockpiles were up by 100,000 barrels.
In other news affecting oil prices, a US oil services ship was attacked in Nigeria Tuesday, resulting in the death of one Nigerian worker; two others were injured. Oil workers were expected to strike over the increase in violence in the Niger Delta region, which has also resulted in the loss of over 800,000 barrels per day in output there.
Brent crude October contracts were 22 cents higher to $63.21 per barrel in London, while October delivery West Texas Intermediate crude added 56 cents to $63.32 per barrel on the New York Mercantile Exchange. Nymex heating oil was a bit lower, to $1.7555 per gallon, but Nymex unleaded gasoline added just under 2 cents to $1.5710 per gallon.
In the metals markets on Wednesday, gold was 0.5 percent higher to $589.80 per troy ounce, while silver added 0.2 percent to $11.17 per troy ounce. Platinum and palladium, however, were lower on the session. Platinum fell 1.2 percent to $1,186 per troy ounce, while palladium dropped 1.6 percent to $313 per troy ounce.
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