Crude oil price hits $79 line per barrel in New York “before a report forecast to show that U.S. crude inventories expanded for a third week and fuel supplies dropped,” Bloomberg website reads.

Energy Department report due October 28 will possibly show that U.S. stockholdings of crude oil increased up to 1.5 million barrels last week, Bloomberg News survey reports. “Analysts forecast that supplies of gasoline and distillate fuel, a category that includes heating oil and diesel, declined last week,” Bloomberg informs Oct. 27.

According to the source, on Oct.27 crude oil for December raised for 58 cents (0.7 %) reaching $79.26 a barrel on the New York Mercantile Exchange. “The contract traded at $79.16 a barrel at 11:24 a.m. in London. Prices have gained 76 percent this year and reached a one-year high of $82 a barrel on Oct. 21.

Brent crude oil for December settlement was at $77.69 a barrel, up 43 cents, on the London-based ICE Futures Europe exchange at 11:26 a.m. London time. Yesterday it declined $1.66, or 2.1 percent, to end the session at $77.26 a barrel.

The dollar weakened to $1.4886 per euro as of 11:27 a.m. in London from $1.4876 yesterday in New York. The U.S. currency reached $1.5063 against the euro yesterday, the weakest level since August 2008. A weaker U.S. dollar encourages investors to buy commodities including oil as a hedge against inflation,” website says.