Oil Prices Near $75 a Barrel in Asia on U.S. Inventories

Oil prices advanced to nearly $75 a barrel in Asia after a report showed that U.S. crude oil inventories dropped more than forecast, suggesting improved demand.

Benchmark oil for delivery in October rose 32 cents to $74.99 a barrel late Thursday afternoon Singapore time in electronic trading on the New York Mercantile Exchange, according to The Associated Press.

U.S. crude oil inventories fell by 7.3 million barrels last week, according to the American Petroleum Institute. That was a greater fall than the 730,000-barrel drop forecast by analysts surveyed by Platts.

Still, U.S. oil supplies are at a 30-year high, according to energy consultancy Cameron Hanover.


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themanindbox

Only a matter of time till the people in this country stand up and say enough is enough. What we all need is simple in thought and difficult to execute. We all need to throw out all of the officials in the US Government and replace them with hard working american people who come from nothing. It is only when you come from a struggling family of hard working parents do you know what will help the people who come from the same. Giving million dollar "fat-cats" the key to the city is not helping anyone, worse is when they have there hand in everyones pocket from the begining before even being elected, wonder why Bush sucked? He had major stock in Oil, anyone wonder why he did nothing to bring down the prices? "he had major stock in oil"

September 09 2010 at 4:53 PM Report abuse rate up rate down Reply
skysob

how many tankers were kept from unloading. good way to show inventory was down. what a game.

September 09 2010 at 9:40 AM Report abuse +2 rate up rate down Reply
scott151971

The price of oil is way out of line. Counties who pump this oil out, have stockpiled it on ships, warehouses and empty fields do to no demand!!! But the greedy fat cat traders make big deals out of nothing. Oil should be priced at 30 to 35 dollars a barrel. Thats to Wall Street we are in a reccession!!!!!!

September 09 2010 at 9:38 AM Report abuse +3 rate up rate down Reply
1 reply to scott151971's comment
johnskii

Yes were is Obama and his team of "CHANGE" to sort this one out?

September 09 2010 at 9:48 AM Report abuse +1 rate up rate down Reply
skysob

shut down all commidity traders and monetery traders. they are the ones that ruined the economy!!!!!!!!!!!!!!!!!!!!!

September 09 2010 at 9:06 AM Report abuse +1 rate up rate down Reply
imme534333

The Americans have been greedy long before Obama came on the scene and will be greedy long after he is gone. There is little the President can do about such an ingrained culture of greed.

September 09 2010 at 8:40 AM Report abuse rate up rate down Reply
3 replies to imme534333's comment
imme534333

Of course pure greed is one reason that the price of oil is high. Anytime 4% of the worlds population consumes 25% of the worlds energy supply you can point to greed. Everyone in the world can see what the greedy Americans are doing.

September 09 2010 at 8:32 AM Report abuse -2 rate up rate down Reply
johnskii

Why are gas prices still at the $2.59 -$2.69 range? They should have fell after Labor day.....

September 09 2010 at 7:13 AM Report abuse +1 rate up rate down Reply
2 replies to johnskii's comment
billcarol88

Greed John nothing but pure greed. Our great president is doing nothing about it. This idiot, obama, wants his party to get back in office so he can keep putting it to the people. vote them all out republicans and democrats alike.

September 09 2010 at 8:23 AM Report abuse +2 rate up rate down Reply
themanindbox

In NY it costs me 3.30 a gallon 9/10

September 09 2010 at 4:56 PM Report abuse rate up rate down Reply