Oil prices steady after recent increases

16-Apr-10
After rising over the past few sessions in line with improving demand and strong company results in USA, oil prices have steadied. New York's main contract, light sweet crude for delivery in May settled at US$85.79 and London Brent settled at US$86.31. After falling for five consecutive session, crude futures witnessed a sharp rebound on news of an unexpected drop in crude stockpiles in the United States. According to the US Department of Energy's (DoE), crude inventories fell by 2.2 mln barrels last week.
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