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March 30, 2010

Oil Prices Above $82

Oil prices gained above $82 a barrel today, heading for its fifth consecutive quarterly gain. For May delivery, US crude dropped 7¢ $82.30 a barrel at 0455 GMT, while London Brent crude fell 13¢ to $81.15, reports Reuters. US oil demand in the past few weeks made its

By cms admin

Oil prices gained above $82 a barrel today, heading for its fifth consecutive quarterly gain.

For May delivery, US crude dropped 7¢ $82.30 a barrel at 0455 GMT, while London Brent crude fell 13¢ to $81.15, reports Reuters.

US oil demand in the past few weeks made its first year-on-year gains in 18 months, while Chinese imports are increasing, reflecting sustained growth for the world’s top two oil users.

The American Petroleum Institute report showed that crude supplies increased 421,000 barrels last week while distillate stockpiles fell by one million barrels and petrol stocks dropped by 946,000 barrels.

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