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Oil Rises to One-Week High as Equities Gain, Inventories Fall
2010-07-21 07:33:58.632 GMT
By Grant Smith and Ann Koh
July 21 (Bloomberg) -- Oil rose to its highest in a week in
New York as equities climbed and an industry report showed a
decline in U.S. crude inventories.
Crude traded near $78 a barrel as European stocks gained on
stronger-than-estimated earnings at Apple Inc., while a report
from the American Petroleum Institute showed that crude supplies
fell last week. Analysts predict the Energy Department will
report an inventory decline later today.
"We've got the U.S. reporting season under way at the
moment, and it's looking better than expected," Mark Pervan, a
senior commodity strategist at Australia & New Zealand Banking
Group Ltd., said in a Bloomberg Television interview from
Melbourne. "Oil's been a bit choppy recently, tracking
sideways. A lot of it depends on the macro data in the U.S."
Crude oil for September delivery advanced as much as 53
cents, or 0.7 percent, to $77.97 a barrel in electronic trading
on the New York Mercantile Exchange, and traded for $77.93 at
8:23 a.m. in London. Brent crude oil for September settlement
was at $76.63 a barrel, up 41 cents on the London-based ICE
Futures Europe exchange.
For Related News and Information:
News on oil markets: NI OILMARKET <GO>
Top energy, oil stories: ETOP <GO> and OTOP <GO>
News on oil inventories: TNI OIL INV <GO>
Oil markets menu: OIL <GO>
--With assistance from Susan Li in Hong Kong and Mayuko Yamamuro
in Tokyo. Editors: John Buckley, Rob Verdonck
To contact the reporters on this story:
Ann Koh in Singapore at +65-6212-1509 or
akoh15@bloomberg.net
Grant Smith in London at +44-20-7330-7353 or
gsmith52@bloomberg.net
To contact the editor responsible for this story:
Stephen Voss on +44-20-7073-3520 or sev@bloomberg.net
