The US Energy Department’s petroleum supply report indicated that the U.S. supply of crude oil fell last week by 1.8 million barrels to 318.9 million barrels, or 8% above year-ago levels. Despite U.S. government data indicating a fall in domestic oil inventories for the first time in over two months, oil prices have not spiked up oil futures. Light, sweet crude for delivery on the New York Mercantile Exchange fell to US$53.46 a barrel. Brent crude for June delivery fell to US$53.33 per barrel on the IPE in London. However traders continue a vigilance on gasoline stocks as US approaches its peak summer driving season.
Crude futures have dropped about US$5 over the past two weeks, after hitting an all-time high of US$58.28 on April 4. The market expects to see the US$50 threshold tested over the next couple of weeks. OPEC is currently pumping out nearly 30 million bpd and has raised output to cool prices in recent months.
22-Apr-05 
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