Rising oil inventories deck oil prices

13-May-10

US crude for delivery in June settled at US$75.7 on data showing a rise in oil inventories in USA that overshadowed the market cheer triggered by an austerity plan unveiled by Spain. US Energy Information Administration report showed that oil inventories rose to a record 37 million barrels in the week to May 7 -more than expected. Oil prices earlier found support after Spain revealed an austerity plan that further eased jitters over euro-zone debt woes, boosting investor risk appetite.