Oil hits fresh record high!

Oil struck a record high after the US Department of Energy (DoE) said crude stocks fell by more than the market had expected, helping prices to extend a four week rally.

The US, which consumes around 25 pct of global oil, said crude stocks fell for the tenth week in a row by 3.8 mln barrels against market calls for a 2 mln barrel drop in the week to September 14.


At 4.08 pm, New York crude contracts for October delivery, which expires tomorrow, rose 50 cents to 82.01 usd per barrel, having earlier struck 82.51 usd, a historic peak. The November delivery contract was up 42 cents at 80.65 usd.

Meanwhile, London’s benchmark Brent crude contracts for November delivery rose 43 cents at 78.02 usd per barrel.

CNN