Weekly Energy Review: 27.10.2013

Weekly Energy Review: Crude Oil Declines To $ 97.85 Per Barrel

27-Oct-2013

Light Sweet Crude Oil futures for December delivery, gained $0.74 or 0.8% to close at $97.85 a barrel on the New York Mercantile Exchange Friday. US Crude oil managed to gain in the last session of the week, though in the week it shed 2.9% on account of soft economic data and supply fears. The prices have earlier dipped to a four month low. The U.S. Commerce Department said wholesale inventories increased slightly more than expected in August. Wholesale inventories rose by 0.5 percent in August following an upwardly revised 0.2 percent increase in July. Economists expected wholesale inventories to increase by 0.4 percent compared to the 0.1 percent uptick originally reported for the previous month. Friday session brought some gains mostly on bargain hunting as reports filtered in Saudi Arabia of cutting down oil shipments due to increased global supplies and on demand growth hopes after China's upbeat manufacturing data.