Friday, September 10, 2004 Reuters Concern over inventories drives up oil price
Oil prices jumped nearly $2 (U.S.) yesterday after the U.S. government said crude stocks fell to a fresh five-month low last week and distillate fuel inventories barely grew ahead of winter.
U.S. light crude rose $1.84 to settle at $44.61 a barrel, down from last month's record high at $49.40, but still up around 35 per cent since the start of the year. London Brent crude rose $1.83 to end at $42.20 a barrel.
Prices rose after the U.S. Energy Information Administration said commercial crude oil stocks fell by 1.4 million barrels last week to 285.7 million.
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