Prices rebound even as inventories jump - August 24, 2008

Providing coverage of Alaska and northern Canada's oil and gas industryAugust 2008

Vol. 13, No. 34

Week of August 24, 2008

Prices rebound even as inventories jump

The price of oil bounced back near $115 a barrel on Aug. 20, as traders shrugged off a massive increase in U.S. crude inventories and a stronger dollar and focused on possible supply threats.

It was a volatile day for energy prices, which initially retreated after the U.S. Energy Department said a big gain in imports drove crude inventories up by a hefty 9.4 million barrels in the week ended Aug. 15.

And given that the hurricane season is not even halfway over, traders remain nervous about the possibility of storms striking oil facilities in the Gulf of Mexico. The delivered priced of Alaska North Slope crude oil rose 45 cents to $114.28 a barrel. futures exchange in London rose $1.11 to $114.36 a barrel.

—The Associated Press

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