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Oil Prices Surge on Supply Disruption in US

November 6, 2012 at 22:19 by Vladimir Vyun

Crude oil prices surged today on speculations that supply of crude in the United States shrank. Hurricane Sandy caused shut-down of US East Coast refineries and that led to lower production. The effect may beshort-lived, but currently it affects the market.

American Petroleum Institute estimated that US crude oil inventories declined 27,000 barrels to 371.7 million last week. The government report will be released tomorrow. It is expected to show an increase by 1.8 million barrels.

Crude oil (light sweet) advanced from $85.56 to $88.36 per barrel as of 22:15 GMT on NYMEX today. December futures on Brent oil rose as much as $3.3 (3.06 percent) to $111.03 per barrel on ICE today.

If you have any questions and comments on the commodities today, use the form below to reply.

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