Oil prices rise in CFD trading
July 28th, 2010Oil prices rose slightly above $77 (£49.33) per barrel today (July 28th) in Asia, following a report revealing supplies of crude increased in the US last week.
The Associated Press reports benchmark crude for delivery in September remained steady at $77.50 a barrel in CFD trading by late afternoon Singapore time.
According to data released late yesterday by the American Petroleum Institute, crude inventories increased by 3.1 million barrels last week, suggesting demand may be weak.
The jump was unexpected as a survey from Platts had previously revealed analysts were anticipating a drop of 2.3 million barrels.
Sander Capital said in a statement: "The price of oil should stay in the $75 range for now."
Investors may now be awaiting a report from The Energy Department’s Energy Information Administration , which is scheduled to be released later today.
The current values are around half the record highs of approximately $144 per barrel, which were seen in July 2008.
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