Bloomberg News

Oil Rises to $100 in New York for First Time Since July 26

November 16, 2011

Nov. 16 (Bloomberg) -- Oil in New York climbed above $100 a barrel for the first time since July before a report forecast to show that crude inventories declined last week in the U.S., the world’s largest user of the commodity.

“The inventory situation is looking less oversupplied in the Midwest, the part of the U.S. that drives the futures price,” said Christopher Bellew, a senior broker at Jefferies Bache Ltd. in London.

The contract for December delivery rose as much as $1.42, or 1.4 percent, to $100.79 a barrel on the New York Mercantile Exchange and was at $100.47 at 2:02 p.m. London time. It’s the first time prices on the Nymex surpassed $100 since July 26.

The median of 13 analyst estimates in a Bloomberg News survey indicated that today’s Energy Department report may show stockpiles fell 1.2 million barrels.

--Editors: John Buckley, Alessandro Vitelli

To contact the reporter on this story: Grant Smith in London at gsmith52@bloomberg.net

To contact the editor responsible for this story: Stephen Voss on sev@bloomberg.net


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