Oil Prices Rise Above $80 a Barrel

10/06/2011
Oil prices went up after the US Department of Energy data showed a reduction in oil stocks last week. A barrel of light crude for delivery in November rose by USD 4.01 or 5.3 %, to USD 79.68 last night in New York. The price continued its upward trend this morning, reaching USD 80.25 per barrel. Brent futures rose by 0.3 % to USD 103.03 a barrel in London. Statistics show that crude oil stocks have fallen by 4.7 million barrels as of 30 September, given the predicted growth of 1.5 million barrels. Stocks of petroleum distillates have registered a decline by 722 thousand barrels. Fuel consumption in the U.S. for the four weeks to September 30 have reached an average of 18.9 million barrels, which is 1.3% lower than the average consumption for the same period last year. Oil prices were supported by data on the labor market in the US. The private sector in the country has hired 91 thousand in September against 89 thousand new hires in August. Analysts had expected the newly appointed staff in the private sector would shrink to 75 000.
Market participants expect the data by the U.S. Department of Labor on employment in the country to be published on Friday. Projections are for employment in the US to have increased by 59 thousand in September.