Thursday, November 5, 2009
Global - Oil rises above USD80 after unexpected decline in US supplies -> Hyperinflation coming?
Crude oil closed above USD80 a barrel after a government report showed that US inventories unexpectedly dropped as imports declined to a two-month low. Stockpiles of crude fell 3.94m barrels to 335.9m last week. A 1.5m-barrel increase was forecast. Oil also advanced as equities gained and a weaker US dollar bolstered the appeal of commodities as an alternative investment. Crude oil for December delivery rose 80 cents (1%) to settle at USD80.40 a barrel at 3:04 pm on the NYME. It was the highest close since 23 Oct. Prices are up 80% this year. (Bloomberg)