Crude oil prices rose on Thursday, as gasoline recorded a recovery, while natural gas prices fell after government data showed surplus domestic supply. Light sweet crude for April delivery on the New York Mercantile Exchange rose by almost half a dollar to US$68.50 a barrel.
The Energy Department reported a rise in crude stocks by 6.8 million barrels in the week ending March 3 to 335.1 million barrels -- the highest level since 1999. The increase was attributed to a rise in imports and a fall in refinery use due to seasonal maintenance, which created a back up. However, high inventory levels in the U.S. and worldwide have not subdued market concerns arising out of tensions in oil producing nations such as Iraq, Nigeria and Iran. On the supply side, OPEC has decided to keep output unchanged but a decision has been arrived at to monitor prices closely between now and its next meeting in Venezuela on June 1.
10-Mar-06 
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