Oil Prices Fall Amid Concern U.S. Demand

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Oil Prices Fall Amid Concern U.S. Demand

Friday, 23 April 2010 10:32

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Oil Prices Fall Amid Concern U.S. Demand
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London - World oil prices fell on Thursday as traders focus on weakening demand data from the United States, the world's largest energy consumer.
New York's main contract, light sweet crude for delivery in June, down 24 cents to 83.44 dollars per barrel.

Brent North Sea crude oil for delivery in June shrank six cents to 85.64 dollars in late afternoon trade in London.

"U.S. weekly data in the weak side, with inventory building a whole barrel of crude oil and all products, along with a number of relatively soft demand," said Barclays Capital analyst Amrita Mon.

U.S. Department of Energy (DoE) has announced on Wednesday that U.S. crude stockpiles rose 1.9 million barrels in the week ending April 16. This was against expectations of 200 000 barrels off the market.

"The increase in crude oil inventories unexpectedly because most of the burden on the fundamental demand people's minds," said Serene Lim, an analyst at ANZ Bank based in Singapore.

Demand in the United States closely monitored by the oil market because the country is the largest economy and largest energy consumer in the world.

The giant U.S. economy is struggling to recover from the worst decline since the 1930s.

Elsewhere, a bomb planted by insurgents in northern Iraq on Thursday, causing a hole in an oil pipeline carrying crude oil to Turkey, causing the flame that makes firefighters struggled to control it, police said.

The incident occurred in the desert region of Al-Hadhar, 120 kilometers (75 miles) south of Mosul, said provincial police Col. Mohammed Hossam Aldeen.

Pipes, who last struck on December 20 last year, transporting approximately 420 000 to 450 000 barrels of crude per day, although it has the potential to ship 600 000 bpd, according to oil ministry.

While in Kuwait, the oil reserves in the country's largest oil field, Burgan, higher than what has been published and a new number for all depths of the storage will be announced soon, a minister said on Thursday.

"Reserves at the Burgan oil field is higher than what is being circulated," said the deputy prime minister of economic affairs Sheikh Ahmad Fahad al-Sabah quoted as saying by official news agency Kuna.

Greater Burgan oil field is the world's second largest field after Ghawar in Saudi Arabia, with the previously estimated reserves of about 70 billion barrels.

This field has produced about three-quarters of Kuwait production by 2.2 million barrels per day.

Oil prices had tumbled on Monday amid concerns over allegations of fraud against the icons of Wall Street Goldman Sachs and closing European airports because of ash from a volcanic eruption in Iceland. | Antaranews.com | tenderoffer.biz |

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