Light, sweet crude for September delivery recovered by about half a dollar to US$70.49 a barrel in midmorning Asian electronic trading on the New York Mercantile Exchange. Oil prices recouped after dipping for almost a week in response to above-average U.S. oil stockpiles and positive developments in the Middle East and an Alaskan oil field.
Oil prices had also dropped by over one dollar on release of U.S. Energy Department report on Wednesday indicating that crude oil inventories fell 1.6 million barrels in the week ending Aug. 11, but continue well above the average range for this time of year at 331 million barrels.
18-Aug-06 
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