Crude Oil Rises to a Record Above $55 on U.S. Supply Concern

Crude Oil Rises to Record Above $55 on U.S. Supply Concern

Crude oil for November delivery rose as much as 40 cents, or 0.7 percent, $55.33 a barrel, in after-hours electronic trading on the New York Mercantile Exchange and traded at $55.19 at 12:39 p.m. Singapore time. Prices have risen in 19 of the last 22 sessions and are now 82 percent higher than a year ago.

http://quote.bloomberg.com/apps/news?pid=10000085&refer=europe&sid=aewosjq_RogU
Crude Oil Rises to Record Above $55 on U.S. Supply Concern
Oct. 18 (Bloomberg) — Crude oil futures rose to a record in New York for a third day on speculation U.S. demand for heating oil will keep inventories below average.

“Consumer demand is still very robust on the heating oil side and this is what’s really driving these markets into a frenzy,” said Arjuna Mahendran, Singapore-based chief Asian strategist at Credit Suisse Private Banking. “There has been a steady decline in U.S. inventories.”

Crude oil for November delivery rose as much as 40 cents, or 0.7 percent, $55.33 a barrel, in after-hours electronic trading on the New York Mercantile Exchange and traded at $55.19 at 12:39 p.m. Singapore time. Prices have risen in 19 of the last 22 sessions and are now 82 percent higher than a year ago.

http://quote.bloomberg.com/apps/news?pid=10000085&sid=af3ghE35J3yk&refer=europe