Wednesday, September 17, 2008

Light Sweet Crude Oil in big $6.01 Increase

Investors continued to move their money out of equities and put it in commodities, as oil was a beneficiary of the recent economic bad news which has hammered the financial companies. AIG was the main culprit today in moving commodities up.

October delivery for light sweet crude in New York surged by $6.01 dollars to finish the session at $97.16.

Across the pond Brent North Sea crude also moved upward by $5.62 to end at $94.84.

The U.S Department of Energy says that over the last month oil-based product use has fallen by 4.4 percent over the same time last year.

Recent bad weather has also caused a drop of 6.3 million barrels in the U.S reserves.

Even with the gain today, prices have dropped by $55 a barrel since the July 11 high of $147 a barrel.

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