OIL & GAS MARKET WRAP

The Oil and Gas wrap provides the latest oil prices from commodity exchanges in New York and London, gives a summary of the main corporate and macroeconomic news impacting the price of oil, a barometer of the strength of global economy.

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Oil prices rise amid Algerian crisis and improved US consumption

January 17 2013, 4:27pm
Oil prices rise amid Algerian crisis and improved US consumption

Oil prices rose on Thursday as traders wait to see what broader repercussions may follow the unfolding situation at BP’s Amenas oil facility in Algeria.

Amid various conflicting and unconfirmed reports out of Algeria, Brent crude futures gained around 90 cents to trade just below $111 per barrel while West Texas Intermediary gained $1.20 a barrel at $95.40.

Prices were also buoyed by better than expected crude stockpile data in America.

The oil market had expected the US oil surplus to increase by around 2mln barrel, however when the figures were revealed they actually showed a draw of nearly 1mln.

Meanwhile following repairs to oil export infrastructure the North Sea was getting back to business.


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