BBC NEWS Americas Africa Europe Middle East South Asia Asia Pacific Arabic Spanish Russian Chinese Welsh
BBCi CATEGORIES   TV   RADIO   COMMUNICATE   WHERE I LIVE   INDEX    SEARCH 

BBC NEWS
 You are in: Business
Front Page 
World 
UK 
UK Politics 
Business 
Market Data 
Economy 
Companies 
E-Commerce 
Your Money 
Business Basics 
Sci/Tech 
Health 
Education 
Entertainment 
Talking Point 
In Depth 
AudioVideo 


Commonwealth Games 2002

BBC Sport

BBC Weather

SERVICES 
Friday, 4 January, 2002, 22:52 GMT
Oil prices rocket
Oilrig
Supply from non-US oil exporters fell during Christmas
Crude oil prices rose sharply to end the week at its highest level since October when prices had slumped.

Cold weather boosted demand for heating oil as the US government revealed that its oil reserves have shrunk.

European benchmark Brent crude futures priced oil for delivery at $22.18 (15.38) per barrel, a $1.52 gain on the day.

The US Department of Energy said crude oil stocks fell sharply during the Christmas period because supplies from non-US oil exporters slipped.

Crude inventories fell from 312.1 million barrels to 309.9 million barrels during the week that ended on 28 December, said the department's statistics arm, the Energy Information Administration.

Oil traders are in a wait-and-see mode; the Opec cartel of oil exporters have said they will cut oil production by 1.5 million barrels per day in order to press prices higher.

To achieve this, they have received support from non-Opec oil exporters which have promised to cut their output by about 500,000 barrels per day.

See also:

31 Dec 01 | Business
Tide turns against the oil firms
28 Dec 01 | Business
Opec cuts exports to boost prices
27 Dec 01 | Business
Oil prices soar on output hopes
Internet links:


The BBC is not responsible for the content of external internet sites

Links to more Business stories are at the foot of the page.


E-mail this story to a friend

Links to more Business stories