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March 29, 2010

Oil Steadies Above $82

Oil prices held steady above $82 a barrel today after hitting the highest level for almost two weeks on optimism about the global economic recovery. For May delivery, US crude rose 7¢ to $82.24 a barrel at 0435 GMT, while London Brent increased 13¢ to $81.30, reports Reuters.

By cms admin

Oil prices held steady above $82 a barrel today after hitting the highest level for almost two weeks on optimism about the global economic recovery.

For May delivery, US crude rose 7¢ to $82.24 a barrel at 0435 GMT, while London Brent increased 13¢ to $81.30, reports Reuters.

Prices traded in a range between $69 and $84 this quarter, reaching $82.78 on Monday, the highest intra-day price since March 18.

A Reuters poll showed that US crude inventories probably rose by 2.6 million barrels last week, posting their ninth consecutive weekly increase.

US petrol stocks were projected to be down by 1.7 million barrels, and distillate stocks were also expected to be down by 1.4 million barrels.

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