Oil Rises Ahead of Inventory Report

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Oil prices rose for the first time in four days Thursday as markets awaited the release of data expected to show that U.S. petroleum inventories shrank due to Hurricane Katrina’s direct hit on facilities in the Gulf of Mexico.


Light, sweet crude for October delivery rose 62 cents to $64.99 a barrel in electronic trading on the New York Mercantile Exchange by afternoon in Europe. Prices sagged $1.59 to settle at $64.37 a barrel Wednesday. At London’s International Petroleum Exchange, October Brent futures jumped 70 cents to $63.59 a barrel.


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