ANWR Still Off Limits: Oil Approaches 27 Month High

U.S. Energy Policy

Bloomberg - Oil traded near a 27-month high in New York on signs that the economic recovery is gathering momentum and reining in excess fuel stockpiles. U.S. crude inventories probably fell a fifth week, a Bloomberg News survey showed before an Energy Department report tomorrow. Futures advanced as high as $92.58 a barrel in New York yesterday after the Institute for Supply Management’s U.S. factory index climbed to the highest in seven months. European manufacturing also grew more than estimated, powered by an export-led expansion in Germany. “The actual situation remains quite bullish after some supportive figures on the U.S. economy,” said Hannes Loacker, an analyst at Raiffeisen Bank International AG in Vienna. “But for the next couple of weeks it will be hard for crude to move substantially higher as fears about Chinese growth exert some drag, and the euro debt crisis will be back on the table.” Crude for February delivery traded at $91.60 a barrel, up 5 cents, in electronic trading on the New York Mercantile Exchange at 10:30 a.m. London time. Read full story here:

ANWR Still Off Limits: Oil Approaches 27 Month High