Inventories in USA rise; crude prices fall from 3 month highs

19-Mar-09
News of a larger than expected rise in inventories in USA and reduced amount of crude processed by Japanese refiners has pulled down crude oil values from 3 month highs. Crude oil for April delivery dipped to US$48.3 on the Nymex. Increasing by 4.66 mln barrels in the week, US oil stockpiles rose to 349.9 mln barrels, the most in almost two years. News from Japan indicates that refiners operated plants at 78.4% capacity last week, down 3.8 percentage points from the previous week, mainly due to deteriorating petroleum demand.
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