Wednesday, December 26, 2007

Oil prices rise on renewed supply concerns

Light, sweet crude for February delivery rose to US$94.39 a barrel in Asian electronic trading on the New York Mercantile Exchange, midmorning in Singapore. Wednesday witnessed a rise in crude oil prices on renewed supply concerns amid expectations that data will show a new decline in US oil inventories. Crude oil supplies in the United States are expected to fall for the sixth consecutive week.

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