Oil prices steady despite inventory drop

11 September 2009

Oil prices have remained relatively steady in trading despite news of a drop in the size of US oil inventories.

The latest statistics from the Energy Information Administration found there to be a drop in crude oil stocks, possibly indicating an upsurge in demand for the product.

However, prices on key trading centre the New York Mercantile Exchange remained relatively stable, hovering below $72.

At 04:28 Eastern Time this morning (Sept 11th), crude futures on the exchange stood at $71.51.

Prices rose earlier in the week ahead of the Opec production meeting, but since the decision to maintain output at the same level was officially announced, such surges in the market have not been witnessed.

A weaker dollar also helped to boost prices on the markets earlier in the week.

Heating oil prices on the exchange in New York have dropped; at 04:40 Eastern Time this morning they stood at $1.7809 per gallon.

Click here for a home heating oil quote.