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Crude Oil Challenges $80 As Inventories Drop 83 days ago
(RTTNews) - Crude oil finished moderately higher on Wednesday as traders considered data showing a drop in inventories last week.
Light sweet crude for December delivery rose to $79.58 per barrel, up 44 cents on the session. Prices reached as high as $80.23 in the early going.
U.S. commercial crude oil inventories decreased by 900,000 barrels in the week ended November 13. Experts were looking for a rise of 1.2 million barrels. At 336.8 million barrels, U.S. crude oil inventories are slightly above the upper limit of the average range for this time of year.
Total motor gasoline inventories decreased by 1.7 million barrels last week. Gasoline stocks were expected to rise 950,000 barrels.
Last night, the American Petroleum Institute reported a decline in crude oil supplies of 4.37 million barrels last week. Gasoline stockpiles dropped 963,000, while distillates were up 507,000.
The Labor Department report showed that the consumer price index increased by 0.3 percent in October following an unrevised 0.2 percent increase in September. Economists had been expecting a somewhat more modest increase of 0.2 percent.
A Commerce Department report showed that housing starts fell 10.6 percent to an annual rate of 529,000 in October from the revised September estimate of 592,000. The drop surprised economists, who had expected starts to edge up to 600,000 from the previous month's initial estimate of 590,000.
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