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Thursday, 5 Nov 2009 Crude futures settled above $80 a barrel Wednesday after a surprise decline in oil inventories and the Dollar dropped toward its low for the year against the EUR. Light, sweet crude for December delivery settled up 80 cents, or 1%, higher at $80.40 a barrel on the New York Mercantile Exchange.
The U.S. Energy Information Administration reported Oil inventories dropped by 3.9 million barrels last week, while analysts unanimously expected a rise. Oil and fuel inventories have declined for four consecutive weeks supporting the rally in Oil prices. Oil got another boost after the Federal Reserve said it would maintain its ultra-low interest rate policy, which is seen as likely to keep pressure on the Dollar. Dollar denominated Oil tends to rise when the dollar weakens, since it becomes cheaper.
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