Oil gained 16 cents to close at $82.10 a barrel on Thursday as the dollar weakened and United States gasoline stockpiles posted a surprise drop.
Analysts said that doubts about the size of expected monetary stimulus by the US Federal Reserve might have also caused the rise.
US crude CLc1 for December stood at $82.10 a barrel, after falling by nearly one per cent on Wednesday while the ICE Brent LCOc1 added two cents to close at $83.25.
Most leading economists expect the Federal Reserve to buy between $80bn and $100bn worth of assets per month under a new programme to bolster the US economy, a Reuters’ poll found on Wednesday.
Besides, the US gasoline inventories fell by $4.4m barrels last week, the Energy Information Administration report said.
The drop dampened the bearish effect of greater-than-expected gains in crude stockpiles of more than five million barrels.
”I see the decline in gasoline stocks as quite positive for the oil market, especially because we don‘t usually see these drops this time of the year,” Ben Westmore, a commodities analyst at National Australia Bank, said.
Source:http://www.punchng.com/Articl.aspx?theartic=Art20101029105881
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