Oil prices ascend as the market awaits report of US energy stockpiles

26-Mar-08
New York's main contract, light sweet crude for delivery in May, rose to US$101.77 per barrel, moving up as the market awaits release of the US government's weekly energy stockpiles report. US crude reserves are estimated to show a rise of 1.8 million barrels last week. This is the first time in seven weeks that momentum is bearish. US energy demand typically slows after the peak winter period season and picks up just before the start of June, when the summer driving season begins.
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