16 Jul 2009

Price of oil rises after fall in US inventory

9:33 am on 16 July 2009

Oil prices settled more than 3% higher on Wednesday after crude stocks fell in the United States.

US crude settled at $US61.54 per barrel, up $US2.02 or 3.39% after reaching a high of $US61.98 per barrel. London Brent crude settled at $63.09 per barrel, up $US2.23.

Crude stocks in the United States fell last week by 2.8 million barrels to 344.5 million barrels.

However, the Energy Information Administration said gasoline stocks climbed 1.5 million barrels to 214.6 million barrels, despite the 4 July holiday weekend.

The US dollar fell to a one-month low against a basket of six major currencies, while the euro rose 1% versus the greenback.