Oil Climbs Above $82

16 March 2010 (Last Updated March 16th, 2010 18:30)

Oil prices climbed above $82 a barrel today aided by a weaker dollar and expectations that OPEC will keep oil output targets unchanged. For April delivery, US crude rose 41¢ to $82.11 a barrel at 0046 GMT, while London Brent crude increased 42¢ to $80.95 a barrel, reports Reu

Oil prices climbed above $82 a barrel today aided by a weaker dollar and expectations that OPEC will keep oil output targets unchanged.

For April delivery, US crude rose 41¢ to $82.11 a barrel at 0046 GMT, while London Brent crude increased 42¢ to $80.95 a barrel, reports Reuters.

American Petroleum Institute (API) data showed a steep decline in US petrol stockpiles, while a smaller-than-expected increase in crude inventories also supported the prices.

Oil demand is increasing, which means OPEC will keep production targets unchanged, the group's biggest producer, Saudi Arabia, said.

The API data showed US crude oil stockpiles gained 403,000 barrels in the week ended 12 March, versus analysts' forecast of a 1.1 million barrel build.

Petrol inventories fell by 3.7 million barrels against a Reuters forecast of an 800,000 barrel drawdown.