Oil prices rise after US data on fuel inventories

October 25, 2006 23:41

Crude oil prices rose more than $2 a barrel Wednesday after a report showed US inventories dropped last week, OPEC members began taking steps to cut production and Nigerian villagers attacked oil facilities. Natural gas prices also climbed on the possibility of a colder than normal winter, surging 8.5 percent. Light sweet crude for December delivery climbed $2.05 to settle at $61.40 a barrel in Wednesday on the New York Mercantile Exchange. Brent crude on London's ICE futures exchange rose $2.19 to settle at $62.05 a barrel.

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