Oil prices rise
NEW YORK, USA
OIL prices edged up yesterday ahead of the release of the petroleum stock inventory data by the United States, the world’s biggest energy-consuming nation.
New York’s main contract, light sweet crude for May delivery, increased by 31 cents to US$81.91 a barrel.
London’s Brent North Sea crude for May gained 16 cents to US$80.70.
Most analysts expect US Department of Energy data today to show an increase in crude oil stocks of 1.4 million barrels.
They also expect gasoline inventories to decline by 1.3 million barrels and those of distillates to also drop by 600,000 barrels.
“The divide between buyers and sellers remains as it has for a year — belief that recovery is under way, supporting energy demand growth and rising prices, and sceptics who see little demand growth,” said MF Global vice-president Mike Fitzpatrick.
