Crude Oil Rises To 48.46 Dollars In New York Close

NEW YORK, Sept 23 (AFP) - Crude oil futures rose Thursday on the New York Mercantile Exchange, up 11 cents to 48.46 dollars a barrel at the close, as traders shrugged off news of a possible drawdown of the US strategic reserve.
The White House said the Department of Energy was considering Gulf Coast refineries' request to borrow oil from the US Strategic Petroleum Reserve because of Hurricane Ivan.
A small drop in prices following the remarks proved short-lived.
With the latest rise, the futures price edged closer to the all-time record close on August 19 of 48.70 dollars and the intraday record of 49.40 dollars on August 20.