| From investmentmarkets.co.uk: Crude oil prices rose sharply Wednesday after Israeli Prime Minister Ehud Olmert announced that he will resign effective in September, raising concerns that his successor could be more inclined to attack Iranian nuclear facilities.
September contracts for West Texas Intermediate ended the floor trade session on the New York Mercantile Exchange up $4.55 to $126.73 per barrel while Brent crude added $4.70 to $127.41 per barrel on the ICE Futures Europe exchange in London.
There had been gains in prices already before the announcement, after the US Energy Information Administration reported that gasoline inventories declined by 3.5 million barrels in the week ending 25 July against an expected rise of almost half a million barrels, while crude oil stockpiles dropped by 100,000 barrels, less than expected, and distillates in storage added 2.4 million barrels in the week......Full Article Source |