Oil prices surged back over the 30-dollars a barrel mark as expectations of supply shortages were revived by a surprise fall in US stocks to their lowest level since 1976.
The latest stock figures also revealed that stocks of distilled products, including heating oil, fell by nearly 20 percent compared with a year ago -- at a time when refineries traditionally work flat out to build stocks for the winter months.
At the same time, the Organization of Petroleum Exporting Countries (OPEC), which last month promised extra supplies if needed to stabilize prices, seemed to be reneging on its pledge.
Meanwhile, palladium -- last week driven to historic high levels by the inadequacy of exports from Russia, the world's leading supplier -- slipped lower following reports that supplies could be increased more quickly than previously thought - LONDON (AFP)
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