Crude Oil Rates Stable At Its 11-Month Peak
Crude oil prices remained firm after extending to an 11 month high on Monday (July 16). Oil prices soared on conjectures that, an augmentation in refinery demand may result in deficit of US oil reserves.
Additionally, there were suppositions that the Energy Department details that will be out tomorrow (July 18), will indicate a slump in inventories for a second week on refiners advancing operating rates.
Crude oil for next month delivery on the New York Mercantile Exchange (NYMEX) increased 1 cent, at USD 74.16 a barrel.
The contract was up 22 cents, or 0.3%, to USD 74.15 a barrel the highest close since Aug. 11.
Whereas, the gasoline prices for the next month delivery arose 1.58 cents, or 0.7%, to USD 2.1420 a gallon in New York.
September delivery Brent crude remained unaltered at 76.29 per barrel on the ICE Futures exchange in London.