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US Crude Caused Prices to Slip Yesterday


Middle East : 25 March 2010

The price of Oil fell by $2 a barrel yesterday amid a statement from the US energy department that their crude stocks were actually higher than anticipated. The only positive factor to help counteract the effect of this price drop was the news that petrol demand was higher than expected.

US crude stock levels were reported to be close to 7.3 million barrels on the week ending the 19th of March by the US Energy Information Administration while another US body the American Petroleum Institute said on Tuesday that their stock levels were running at close to 7.5 million barrels. This caused the price of a barrel to fall slightly from $82 per barrel.

A spokesperson for Summit Energy summarized the reason for this larger than expected stock level being largely due to the fact that less Oil than anticipated had been consumed in recent months and the US driving season had also begun. Imports kept in stock have now reached their highest levels since September 2009. There is not expected to be any noticeable change in this situation anytime soon. The US are now expecting Oil stocks to remain high for sometime but Petrol stocks are turning over at  a much higher rate.

The slowness of the global recovery is also adversely affecting Oil prices albeit to a much lesser extent at present.

Andrew Reid, Staff Writer, Gulf Jobs Market News
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