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	<title type="html"><![CDATA[Crude Oil Futures Trading Forum by Live Oil Prices - Oil prices stable after US inventory data]]></title>
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	<updated>2009-09-03T05:28:24Z</updated>
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			<title type="html"><![CDATA[Oil prices stable after US inventory data]]></title>
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			<content type="html"><![CDATA[Oil prices were stable on Wednesday after official data showed crude stockpiles fell in the United States, the world's biggest consumer of crude. New York's main contract, light sweet crude for October delivery, ended at 68.05 dollars a barrel, unchanged from Tuesday's closing price.

The US Department of Energy on Wednesday said the country's crude stockpiles fell by 400,000 barrels in the week to August 28, matching analysts' consensus forecast. 

"On the surface, US oil data for the last week of August are among the most bullish in quite a while, but they come with hidden pitfalls," said Antoine Halff of Newedge USA. Citing gasoline, which accounted almost single-handedly for the bulk of the demand spike, he said, "Whether that bounce from an extremely low base can be sustained, as opposed to it being just a one-off correction, is doubtful."

Oil was bearish this week on investor concerns over the pace of economic recovery in the United States and China, the world's leading energy users. Crude prices briefly hit 75 dollars last week, the highest level in 10 months, but soon fell back as analysts questioned the strength of underlying demand.

"Oil simply would not hold above 75 dollars because investors started to focus a lot more on the fundamentals," said Purvin & Gertz analyst Victor Shum. Oil market traders have looked to China to support an expected rebound in global oil demand in 2010, after two years of contraction.]]></content>
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			<updated>2009-09-03T05:28:24Z</updated>
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