Oil Edges Towards $87

6 April 2010 (Last Updated April 6th, 2010 18:30)

Oil prices steadied at almost $87 a barrel after reaching an 18-month high aided by recovering fuel demand and an improved economic outlook. For May, US crude dropped 27¢ at $86.84 at 3:10am EDT, while London ICE Brent climbed 7¢ to $86.22, according to Reuters. The

Oil prices steadied at almost $87 a barrel after reaching an 18-month high aided by recovering fuel demand and an improved economic outlook.

For May, US crude dropped 27¢ at $86.84 at 3:10am EDT, while London ICE Brent climbed 7¢ to $86.22, according to Reuters.

The American Petroleum Institute report showed that petrol inventories in the USA fell by a larger-than-expected three million barrels last week, signalling rebounding fuel demand.

US crude oil stockpiles added 1.1 million barrels in the week ending 2 April, while distillates rose unexpectedly as refineries processed more crude, the report showed.

The Energy Information Administration said petroleum consumption in 2010 is expected to rise by nearly 1.5mbpd.