Oil Creeps Towards $47 on Supply Concerns

[CornField]

http://www.reuters.com/newsArticle.jhtml?type=businessNews&storyID=7311626

Oil prices climbed toward $47 a barrel on Thursday after bullish fuel stocks data in the United States and a series of production hitches across the globe rekindled worries of a major supply disruption.

U.S. light crude reached an intraday peak at $46.76 a barrel before easing to $46.58, a gain of 21 cents.

Prices were lifted by statistics in the United States that showed a drop of 3 million barrels in national crude inventories in the week to Jan. 7 to almost 289 million barrels.

The fall was almost double market expectations of a 1.7-million-barrel decrease.

(more)

[nadinbrzezinski]

1. peak oil my friend, peak oil