US supply news boosts oil price
ARANCA NEWSTRACK -- www.aranca.com


    /Energy and Oil News Articles/ - MUMBAI, INDIA, September 12, 2007 - The price of crude oil approached a five week high following news that US supplies fell further than early expectations expectations last week.

A report from the Energy Department has revealed that reserves of oil dropped by 3.97 million barrels - almost twice as much as commentators had predicted.

The reduction in supplies is the eighth decline to be reported in the last nine weeks, and Harry Tchilinguirian, an analyst at BNP Paribas SA in London, believes that the situation is likely to get worse.

In the US, "refinery maintenance gets under way in September'', Mr Tchilinguirian told Bloomberg.

"Lower crude requirements ahead and OPEC supply cuts enacted this year will combine to keep imports depressed, leading to further declines in crude stocks.''

Prices have remained buoyant despite an announcement by the Organisation for Economic Cooperation and Development which played down expectations for US economic growth following the crisis in the country's subprime mortgage market.

"The impact of the first wave of the subprime market is over,'' Kenichiro Yamaguchi, chief operating officer for London-based Petro-Diamond Risk Management, told the news provider.

Further analysis of the oil market can be supplied by Aranca, an end-to-end provider of on-demand, custom investment, business and economic research.

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