Oil prices were stable in Asia in anticipation of the US inventory report which is expected to show a decline in gasoline stocks and a rise in crude oil supplies. Prices had been impulsive for the last couple of weeks after Iran seized 15 British sailors and marines, but have now stabilised. Light, sweet crude for May delivery fell 2 cents to US$61.87. Analysts expect gasoline inventories to fall by an average of 1.3 million barrels last week, and a 900,000 barrel decline in distillate stockpiles which includes diesel fuel heating oil etc.
Despite an anticipated rise in crude oil inventories, a sharp dip in oil prices has not been seen because rising tensions with Iran continue to support prices. On Monday, Iran declared that it has begun elevating uranium on an industrial scale.
11-Apr-07 
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