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Article: Oil Prices Rise to Near $97 a Barrel
- Article from:
- AP Online
- Article date:
- January 9, 2008
- Author:
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Oil prices rose Wednesday amid expectations a U.S. government report will show crude oil stockpiles fell last week.
Prices were also supported by fears of broadened violence in Nigeria, the world's eighth-largest oil producer
Analysts surveyed by Dow Jones Newswires predict crude inventories likely fell 800,000 barrels last week, while supplies of distillates, which include heating oil, likely fell 300,000 barrels. The U.S. Energy Department's Energy Information Administration will release the report later Wednesday.
"That would be the eighth consecutive week of crude oil stock draws and U.S. crude oil inventories are already below the five year average for this time ...