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U.S. oil price rises on supplies drop speculation

English.news.cn   2014-05-20 04:58:47

NEW YORK, May 19 (Xinhua) -- U.S. oil price gained Monday as the market expected inventories at Cushing, Oklahoma, the delivery point for contracts, to keep dropping.

The U.S. Energy Information Administration will release a report on the inventories at Cushing on Wednesday. Stockpiles have decreased since the southern leg of the Keystone XL pipeline started transporting oil to Gulf Coast refineries from the hub in January.

Cushing supplies fell 592,000 barrels in the week ended May 9 to 23.4 million, the least since December 2008. Markets expected that the crude supplies at the hub continued to fall last week.

Brent price dropped as worries in Ukraine eased. According to the Kremlin press service, Russia on Monday started to withdraw troops from regions bordering Ukraine in an apparent effort to ease tension between Moscow and Kiev.

Crude prices were supported by the uncertainties of Ukraine for several months. Russia is an important oil exporting country. Analysts believe that any political uncertainty in this area could raise concerns about oil supplies globally.

Light, sweet crude for June delivery edged up 59 cents to settle at 102.61 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for June delivery lost 38 cents to close at 109.37 dollars a barrel.

Editor: Mu Xuequan
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