Oil price rises as supplies fall
Oil pump
Check latest oil price
The price of oil rose by more than $3 to settle above $70 a barrel after a surprise drop in crude imports and inventories in the US.
US crude stockpiles plunged by 8.4 million barrels as imports hit the lowest level since September 2008, the Energy Information Administration said.
US crude settled up $3.23 at $72.42 a barrel while London Brent crude rose $2.22 to settle at $74.59.
Analysts had expected supplies to grow in the week to 14 August.
They added that the drop in imports may have been caused by firms holding more oil in tankers offshore and waiting for higher prices before importing the extra crude.
Opec impact
Slumping demand in the global economic crisis has seen oil prices tumble from highs of close to $150 in July 2008 to below $33 a barrel in December.
In recent weeks prices have stayed within the $60 to $75 range -with observers saying a rebound in the economy could increased demand and push up prices.
The American Petroleum Institute (API) said that US oil demand in July showed signs of improvement, down 3% year-on-year, compared with an average drop of about 6% percent in the first half of 2009.
The actions of Opec - the group of oil exporting nations - is also likely to be important in the path of prices.
Oil pump
Check latest oil price
The price of oil rose by more than $3 to settle above $70 a barrel after a surprise drop in crude imports and inventories in the US.
US crude stockpiles plunged by 8.4 million barrels as imports hit the lowest level since September 2008, the Energy Information Administration said.
US crude settled up $3.23 at $72.42 a barrel while London Brent crude rose $2.22 to settle at $74.59.
Analysts had expected supplies to grow in the week to 14 August.
They added that the drop in imports may have been caused by firms holding more oil in tankers offshore and waiting for higher prices before importing the extra crude.
Opec impact
Slumping demand in the global economic crisis has seen oil prices tumble from highs of close to $150 in July 2008 to below $33 a barrel in December.
In recent weeks prices have stayed within the $60 to $75 range -with observers saying a rebound in the economy could increased demand and push up prices.
The American Petroleum Institute (API) said that US oil demand in July showed signs of improvement, down 3% year-on-year, compared with an average drop of about 6% percent in the first half of 2009.
The actions of Opec - the group of oil exporting nations - is also likely to be important in the path of prices.
