Oil prices rise to 48 dollars

CRUDE OIL2

Oil prices rose to 48 dollars per barrel in the international market on Thursday following surge of the United States’ crude stock in recent weeks. Brent for December delivery rose from 38 cents to 48.23 dollars per barrel, while U.S. crude for December delivery climbed 40 cents to 45.60 dollars per barrel.

Oil prices came under renewed pressure following worries about a global glut this week after U.S. crude inventories rose more than twice of what analysts had expected.

U.S. crude stocks surged sharply for a second week, climbing eight million barrels in the week to October 16, data from the U.S. Department of Energy’s Energy Information Administration (EIA) showed on Wednesday.

That jump followed a rise of more than 7.5 million barrels in the previous week and put U.S. crude stocks up more than 22 million barrels over the last four weeks.

Oil experts from the Organisation of the Petroleum Exporting Countries (OPEC) and non-member countries made no agreement this week to boost prices, officials said after talks in Vienna on Wednesday.

By Olisemeka Obeche (with agency reports)

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