Subscribe to our free daily newsletters
  Energy News  

Subscribe to our free daily newsletters

Oil prices stable after US stocks report

by Staff Writers
London (AFP) March 30, 2011
World oil prices steadied on Wednesday following the latest update on energy reserves in key consumer the United States despite intensified fighting in crude exporter Libya.

In London afternoon trade, Brent North Sea crude for delivery in May rose 26 cents to $115.42 a barrel, after falling slightly earlier in the day.

New York's main contract, light sweet crude for May, dipped four cents to $104.75.

The US government's Department of Energy (DoE) said that American crude stocks rose by 2.9 million barrels last week, while gasoline (petrol) inventories dropped by 2.7 million barrels.

"Due to Japan and Libya, the DoE report has been ignored as a trading input over the last few weeks as market participants were focusing on the macro-developments," said analyst Olivier Jakob at consultancy PetroMatrix.

"Now that those events are not anymore attracting any trading volume we would expect that traders will start watching the DOE report again."

Traders are also keenly following the level of gasoline reserves ahead of the summer driving season in the United States starting in May, when many Americans hit the roads on holiday, pushing up demand.

The United States is also the world's biggest consumer of oil.

In Libya on Wednesday, loyalist forces overran the oil town of Ras Lanuf, scattering outgunned rebels as world powers debated arming the rag-tag band of fighters seeking to oust Moamer Kadhafi.

AFP reporters quoting rebel fighters said Kadhafi's troops swept through Ras Lanuf, strategic for its oil refinery, blazing away with tanks and heavy artillery fire soon after dawn.

Panicked rebels fled in their hundreds through Uqayla, 20 kilometres (12 miles) east of Ras Lanuf, calling for coalition air strikes on Kadhafi's forces.

Libya produced 1.69 million barrels a day before the unrest, according to the International Energy Agency. However, output has since fallen sharply.

On Tuesday, the oil market had risen, ending three days of losses, as traders reacted to news that Kadhafi loyalists were winning back ground.

"Oil prices rose yesterday as forces loyal to Kadhafi moved eastwards to reoccupy coastal towns in the strategically important oil-exporting region," added Westhouse analyst Trish Hart.

Across in Japan, meanwhile, crews continued their struggle to avoid a meltdown at the crippled Fukushima Daiichi plant that was rocked by a devastating earthquake and tsunami on March 11.


Share This Article With Planet Earth DiggDigg RedditReddit
YahooMyWebYahooMyWeb GoogleGoogle FacebookFacebook

Related Links
Powering The World in the 21st Century at

Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News

Obama vows cut in US oil imports by a third
Washington (AFP) March 30, 2011
President Barack Obama Wednesday told politicians to ditch slogans and gimmicks and join his drive to cut US oil imports by a third in a just over a decade, but hit a wall of Republican scorn. Obama made a major speech laying out a blueprint for a secure American energy future, warning that events like Japan's tsunami tragedy and Middle East crises made it even more vital to shield the US ec ... read more

Report: China leads in low-carbon energy

US energy future hazy on Japan, environment fears

Lights off as 'Earth Hour' circles the globe

Lights out as Tokyo lives with power crunch

Oil prices stable after US stocks report

Obama vows cut in US oil imports by a third

Oil pact key to peace as Sudan splits

Oil prices rally on Mid East tensions

US hopes to resolve China wind turbine rift

Nordex USA Enters First 300MW Joint Venture

Developing The Next Generation VENTOS CFD Model

GL Garrad Hassan Helping To Realize Largest US Wind Farm Development

Global Clean Energy Investment Reached Record 243 Billion Dollars In 2010

SANYO HIT Panels Installed For Largest California Solar Initiative System In Long Beach

Enerconcept Technologies Now Offers Solar Air Heaters To US

Solar Module Manufacturers Turn To Innovative Solutions To Enhance Production Processes And Meet Growing Market Demands

French atomic security unready for repeat disasters: agency

TEPCO president hospitalised, shares tumble

Japan PM says stricken nuclear plant to be scrapped

Austria's mothballed nuclear plant pulls in the public

Construction Begins LanzaTech Ethanol Demo Plant

EPA Ethanol Decision Triggers Filing Of Petition

Green Plains Completes Acquisition Of Ethanol Plant

VG Energy Contracts Bioprocess Algae To Verify "Lipid Trigger" Results

What Future for Chang'e-2

China setting up new rocket production base

China's Tiangong-1 To Be Launched By Modified Long March II-F Rocket

China Expects To Launch Fifth Lunar Probe Chang'e-5 In 2017

Cutting Carbon Dioxide Helps Prevent Drying

UC Research Explores Why Ancient Civilization Was Living On The Edge

Brazil needs to push to unblock climate talks: Clinton

Carbon tax not behind state rout: Australia PM

The content herein, unless otherwise known to be public domain, are Copyright 1995-2010 - SpaceDaily. AFP and UPI Wire Stories are copyright Agence France-Presse and United Press International. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by SpaceDaily on any Web page published or hosted by SpaceDaily. Privacy Statement