U.S. Petroleum Inventory Drops, Oil Prices Soar Higher

September 29, 1999

Oil's eight-month rally hit yet another high today as dealers cited news that U.S. petroleum inventories had dropped to near-three-year lows as proof OPEC supply curbs were biting deep ahead of winter. Benchmark Brent crude blend touched $24.30 a barrel, a 33-month high, after the American Petroleum Institute said crude stocks in the world's biggest oil consumer fell by 3.7 million barrels last week to stand at their lowest levels in almost three years.

U.S. Petroleum Inventory Drops, Oil Prices Soar Higher

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