Reply #3: Oil creeps above $77 amid US demand concerns [View All]

[ozymandius]

SINGAPORE – Oil prices crept above $77 a barrel Friday in Asia despite investor doubts about U.S. crude demand.
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The U.S. Energy Information Administration said Thursday in its weekly report that oil inventories rose 1.8 million barrels and gasoline stocks grew 2.5 million, both larger-than-expected increases.

Oil has bobbed between $76 and $82 for the last month as traders mull how much a high U.S. unemployment rate, which rose to 10.2 percent in October, will drag on consumer demand for crude products such as gasoline.
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In other Nymex trading, heating oil rose 1.25 cent to $2.00 a gallon. Gasoline for December delivery gained 1.88 cents to $1.96 a gallon. Natural gas for December delivery jumped 5.7 cents to $4.43 per 1,000 cubic feet.

http://news.yahoo.com/s/ap/oil_prices