Oil Prices Varies For Rising U.S. Inventories

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Oil Prices Varies For Rising U.S. Inventories

Thursday, 22 April 2010 11:16

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Oil Prices Varies For Rising U.S. Inventories
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NEW YORK - Oil prices vary on Wednesday, as traders reacted to rising U.S. inventories showed weak demand in the country the world's biggest energy consumer.
New York's main contract, light sweet crude for delivery in June, down 17 cents to 83.68 dollars per barrel, erasing earlier gains.

In London, Brent North Sea crude oil for June delivery rose 90 cents to 85.70 dollars.

Department of Energy (DoE), the U.S. government, Wednesday announced that U.S. crude stockpiles rose 1.9 million barrels in the week ending April 16.

Market estimates for the decrease of 200,000 barrels, according to analysts polled by Dow Jones Newswires.

The DoE said gasoline stockpiles or fuel soared 3.6 million barrels last week, more than forecast a small increase of 300,000 barrels.

Distillates, which include diesel and heating fuel, rose 2.1 million barrels, while analysts had expected 900,000 barrel increase.

Torbjorn Kjus, oil market analyst with DnB NOR Markets, described the weekly reports as "bearish," indicating that they would send prices lower.

Oil climbed earlier on Wednesday, as European governments to reopen their airspace to flights after closure due to ash from the eruption of a volcano in Iceland.

"Oil prices rally on the reopening of some European airspace, which will increase the demand for aviation fuel," said analyst Peter Bassett at Westhouse Securities.

England lifted the ban on flights in the airspace on Tuesday evening, followed by Belgium, France and Germany and others in reducing the restrictions imposed after the volcano spewed huge clouds of dust across the continent.

On Monday, oil dropped nearly two dollars amid concerns over claims of fraud / cheating on Wall Street icon Goldman Sachs and the impact of the crisis of volcanic ash.

Oil prices rose two dollars in New York trading on Tuesday amid optimism about economic conditions and prospects for resumption of transatlantic air travel.

Markets react to the increasing demand for jet fuel because more aircraft will be airborne again, whereas the performance of Goldman's first quarter earnings stars also lifted sentiment. | Antaranews.com | tenderoffer.biz |

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