Crude oil futures, that topped US$68 a barrel for the first time in more than two months, fell marginally on Friday as traders took some profit. Light, sweet crude for May delivery dipped to US$67.70 a barrel in Asian electronic trading on the New York Mercantile Exchange midmorning in Singapore.
Crude oil prices have risen since US government data released midweek showed domestic supplies of gasoline shrank by 4.4 million barrels last week to 211.8 million barrels. Concerns about summer supplies seem to be high even though the stockpile was roughly in line with year-ago levels. The decline in refined products comes as refineries temporarily shut down operations for maintenance. Vienna's PVM Oil Associates said production output was 120,000 barrels a day lower than the week before.
US crude oil inventories increased by 2.1 million barrels last week to 342.8 million barrels, or almost 8% above year-ago levels. But tension between the West and Iran and violence in Nigeria continued to support prices.
07-Apr-06 
{{comment.DateTimeStampDisplay}}
{{comment.Comments}}