US crude futures rise $1.23/bbl on feeding frenzy

摘要

HOUSTON (ICIS)--NYMEX WTI crude futures for February delivery hit three-year highs on Tuesday, settling at $62.96/bbl, up $1.23, in response to global investor confidence regarding economic growth and strong demand for refined product. Crude oil inventories in the US have drawn down seven consecutive weeks and are forecast to decline for the eighth time this week, to be revealed by the supply statistics from the American Petroleum Institute (API) and the Energy Information Administration (EIA).