New York crude oil futures close with 10-month-high
New York crude oil futures closed above $70 the first time since August 2006 on Friday amid concern over supply.
Light, sweet crude for August delivery gained 1.11 at $70.68 dollars a barrel on the New York Mercantile Exchange, closing above $70 the first time since August 2006. Brent crude for August delivery rose 89 cents to settle up at $71.41 a barrel on the ICE Futures exchange in London. US commercial crude oil inventories increased last week while stockpiles of gasoline and distillate fuels shrank, the Energy Department reported Wednesday.
In the week ended June 22, the nation's gasoline supplies dropped by 700,000 barrels last week, defying analysts who had been expecting an increase of 1.1 million barrels. Current levels of gasoline supplies are well below the lower end of average for this time of year. Gasoline supplies are closely watched as the summer driving peak is around the corner. (english.people.com.cn)
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.