Wednesday, September 5, 2012

Oil Stockpiles Drop 7.2 Million Barrels

Oil stockpiles in the U.S. plunged 7.2 million barrels last week, according to the American Petroleum Institute, pushing up oil prices for the second day in a row.

The drop in inventories was the most occurring in the U.S. in five weeks.

Hurricane Isaac, according to a report from the Energy Department, could result in a decline of 4.95 million barrels. Just under 50 percent of oil production and 26 percent of natural gas production remains shut down as a result of the storm.

As for gasoline stockpiles, it was down 2.3 million barrels last week, said the American Petroleum Institute. Some analysts believe it's close to being 3 million barrels lower.

Oil for October delivery climbed as high as $96.06 a barrel on the New York Mercantile Exchange, a gain of 70 cents. Brent oil for October dropped $1.09, or 1 percent, to $113.09 a barrel on the ICE Futures Europe exchange, based in London.

Exxon Mobil (XOM) closed Wednesday at $87.33, gaining $0.21, or 0.24 percent. ConocoPhillips (COP) ended the session at $54.87, falling 1.34, or 2.38 percent. Chevron (CVX) closed at $110.77, down $0.45, or 0.40 percent.


  1. Let's see what happens after the election, if Israel attacks Iran, oil will go to 200

  2. cheap HadEbcSa [URL=]fake designer bags[/URL] at my estore hcautTEp [URL= ] [/URL]

  3. click to view TZSDBrHI [URL=]knock off purses[/URL] with confident nSmhXUJX [URL= ] [/URL]