However, in comparison with weekly basket prices, the OPEC daily oil prices dropped
OPEC?s oil price rose to $37.72 per barrel last week, $2.67 higher than a week earlier, on the expectations of colder weather c in the US and the cartel?s decision to cut daily output from Jan. 1, 2005.
However, in comparison with weekly basket prices, the OPEC daily oil prices dropped for 5 trading days at a run, after reaching $38.34 per barrel last Monday, according to data of OPEC?s Secretariat in Vienna.
The US Energy Department reported last
Wednesday that the US crude oil inventories rose 2.1 million barrels to 295.9 million a week earlier, the highest since July. The report also showed stockpiles of distillate fuels, which included heating oil and diesel, increased 600,000 barrels to 119.9 million.
Meanwhile, the US National Weather Service said that temperatures in the US Northeast would rise above normal through the end of the year, which analysts believe might limit demand for heating oil, causing oil prices? drop inevitably.
