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 prices vaulted 9 per cent in NY Thursday, in tandem with a powerful stocks rally, as investors cheered G20 agreements to combat the global downturn and an easing of US accounting rules. On Friday, oil prices settled above $52 a barrel, slightly lower on the day after a report that US unemployment in March soared to a 25-year high. But optimism that the economy will soon turn around curtailed losses.
Petroleos Mexicanos, the state-owned oil company, reported that crude oil reserves last year fell for the 10th straight year in a row. For full story, click here
US trade deficit sinked in January 2009 to the lowest level in 6 years as a deepening recession cut demand for imported goods at an even faster rate than for exports. The slump in imports was led by a 25.2% dip in imported crude oil, which fell to USD 11.9 billion in January, the lowest [...]
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