FROM SCRATCH NEWSWIRE

SCAVENGING THE INTERNET

OIL PRICES REBOUND AHEAD OF INVENTORY DATA

Posted by Gilmour Poincaree on December 3, 2008

Wednesday, December 3, 2008 – (37 mins ago)

AGENCE FRANCE-PRESSE

PUBLISHED BY ‘THE STANDARD’ (Hong Kong – China)

Oil prices rebounded but remained about US$100 (HK$780) below record highs reached less than five months ago, as the market awaited key energy inventory data from the United States.

On London’s InterContinental Exchange, Brent North Sea crude for delivery in January rose 54 cents to US$45.98 a barrel.

Light sweet crude for January rose 41 cents to US47.37 a barrel on the New York Mercantile Exchange.

The market was gearing up for the latest weekly snapshot of energy inventories in the United States, the world’s biggest consumer of oil.

Crude futures have plunged since striking record highs of above US147 in July as a global economic slowdown weighs on demand. Prices had shot higher earlier in the year on worries of supply disruptions.

AGENCE FRANCE-PRESSE

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘THE STANDARD’ (Hong Kong – China)

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