Crude oil fell on Tuesday, snapping four days of gains, on concern a U.S. government report will show stockpiles climbed from the highest level since September 1990. Crude oil for June delivery declined as much as 77 cents, or 1.4 per cent, to $53.70 a barrel in electronic trading on the New York Mercantile Exchange. Oil is up 21 per cent this year.
Oil traded little changed before a report today forecast to show inventories in the U.S., the world’s largest energy consumer, rose from their highest level since 1990 as the recession reduced demand. For full story, click here
U.S. oil recovered earlier losses and rose above $40 a barrel on Monday after a report that said the U.S. government could end up owning as much as 40 percent of Citigroup improved sentiment among investors. For more information, click here
The Indian crude oil basket rose $1.56 a barrel to $115.87 (about Rs 5,050) on Friday due to sharp increases in global crude oil prices. For full story, click here
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