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Crude oil prices trading steady on US oil stocks data
Published on February 24, 2010 by oilprices · No CommentsOil prices rose in trading on Wednesday after the latest data from US API showed a larger than expected drawdown in US crude oil stocks, signalling rising crude oil demand.
Analysts said that crude oil prices were boosted by a report from the American Petroleum Institute (API) late Tuesday which showed crude oil stockpiles for the week ended February 19 falling by 3.13 million barrels. Analysts had forecast a rise of 2.0 million barrels.
US Light crude oil futures for April delivery was up 40 cents to $79.26 a barrel on the NMYEX, while in London, Brent crude oil futures for April delivery rose 38 cents to $77.63 per barrel on the ICE Futures Exchange.
“The crude oil draw is pushing the market this morning,” said Tony Nunan, an energy risk manager with Mitsubishi Corp in Tokyo. Other analysts said crude oil prices were also pushed higher by bargain hunters after Tuesday’s sharp decline triggered by a drop in US consumer confidence.
The US Energy Department’s Energy Information Administration (EIA) is scheduled to announce its supply report later today.