Crude oil prices approaching $100 a barrel

By
November 7, 2007 17:43

US oil supplies fell last week for the third straight period, according to a government report released Wednesday, a trend that has propelled prices toward $100 per barrel. Light, sweet crude for December delivery added $1.40 to $98.10 a barrel in morning trading on the New York Mercantile Exchange. Stockpiles of gasoline also dropped, confounding analysts' estimates calling for inventories of the motor fuel to rise slightly. Demand for gasoline over the four weeks ending November 2 was 0.8 percent higher than a year earlier, averaging more than 9.3 million barrels a day.


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