Oil prices steadied in Asian trading, after spiking by almost one dollar yesterday on a U.S. government report that showed domestic crude and gasoline stockpiles were lower than forecast. The report indicated that crude oil stockpiles dropped by 4.8 million barrels last week to 324.2 million barrels. Though crude inventories continue to be above average for this time of year, analysts were expecting a rise of 2 million barrels.
Light, sweet crude for April delivery stood at US$61.80 a barrel in electronic trading on the New York Mercantile exchange midmorning in Singapore.
Markets continue to watch developments in the Middle East over Iran's failure to comply with demands to halt its uranium enrichment program. Washington is pushing for tougher U.N. sanctions on Tehran and introducing legislation to squeeze Iran by punishing foreign oil companies that invest in its energy industry, the heart of Iran's economy.
08-Mar-07 
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