Brent Crude upReuters
July 15, 2009
Oilrose more than 3 percent to over $61 US a barrel Wednesday, supportedby falling U.S. crude oil inventories and economic optimism followingpositive U.S. data.
U.S. crude rose $2.19 to $61.71 a barrel by 1:21 pm ET, while Brent crude gained $2.63 to $63.49 a barrel.
Crude stocks in the world's top oil consumer fell by agreater-than-expected 2.8 million barrels, to 344.5 million barrels,the U.S. Energy Information Administration said.
"The larger-than-expected crude stock draw of 2.8 million barrels isattracting much attention so far in forcing values to fresh highs forthe day," said Jim Ritterbusch, president of Ritterbusch &Associates in Galena, Illinois.
Support also came as positive economic data spurred investors out ofthe U.S. dollar and into equities and commodities. TheReuters-Jeffereies CRB Index rose more than 1 percent in earlyafternoon activity.
The U.S. dollar fell to a one-month low against a basket of sixmajor currencies, while the euro rose 1 percent on the day versus thegreenback.
Global stocks gained after upbeat results from Intel, but doubtslingered about the strength of any rebound and the implications forenergy demand.