Crude oil price hits its two year high

Crude oil price reached a two year high, a record rate of 88 US Dollars per barrel. The increase in rates might be the result of the news on the continued decline of crude oil and oil in the US stock piles. As per the US’s Department of Energy, their crude oil inventories decreased by 3.3 million barrels to become 364.9 million barrels and gasoline inventories declined by 1.9 million barrels to become 210.3 million in the end of last week.

The demand for oil is slightly increasing. China's crude oil demand in the last month rose to 12 per cent from 2009, a record of 8.92 million barrels a day. Brent crude oil price in London reached rates of 89.50 US Dollars for a barrel according to the ICE Futures Exchange. These trends might affect the oil markets of India too. The Indian oil corporation has added Rupees 0.33 per liter on 8th November already.