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Oil rose for the first time in four days on fears that Tropical Storm Isaac will reduce oil production in the Gulf of Mexico and on speculation that U.S. inventories fell to a five-month low.
Futures rose 1.1% after the Bureau of Safety and Environmental Control reported yesterday that about 78% of oil production platforms were closed due to the approaching storm.
Analysts predict that oil is likely to fall by 1.75 million barrels last week, before the publication of the official report tomorrow. If the findings are confirmed, it will be the longest decline since July 2011 and the lowest level since March 23.
It is expected that gasoline inventories fell by 1.45 million barrels, while distillate fuel stockpiles probably rose by 200,000 barrels.
U.S. President Barack Obama said at the White House that the Federal Emergency Management Agency has been in the Gulf of Mexico for a week, and always will be to provide new information regarding the storm Isaac.
October futures price of U.S. light crude oil WTI (Light Sweet Crude Oil) on the NYMEX is now $ 95.85 per barrel.
October futures price of North Sea Brent crude oil mix is now $ 112.15 a barrel on the ICE Futures Europe Exchange.
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