Last Updated :
27 February 2009 at 10:30 IST
Oil rises above $45 in Asian tarde
Commodity Online
SINGAPORE : Oil prices advanced over $45 a barrel in early Asian trade Friday after reports of reduction in US motor fuel stockpiles.
Light sweet
Crude Oil for April delivery increased $2.73, or 6.4%, to $45.23 a barrel at the close of floor trading on the New York Mercantile Exchange. Futures touched $45.30, the highest since Jan. 27. Prices are up 8.5% this month and 1.4% this year.
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Brent crude oil for April settlement up $2.15, or 4.9%, to $46.44 a barrel on London's ICE Futures Europe exchange. Futures reached $46.63, the highest since Feb. 10.
According to US energy department, declining US pump prices have spurred demand and cut inventories.
Gasoline supplies fell 3.32 million barrels last week, the biggest reduction since September.
Gasoline futures for March delivery increased 13.28 cents to $1.2995 a gallon in New York. Futures are heading for the biggest increase since Dec. 31. The contract reached $1.307, the highest since Feb. 11.
The average US pump price for regular gasoline dropped 0.9 cent to $1.882 a gallon Thursday AAA, USA’s largest motorist organization, said. Prices have declined 54% from the record $4.114 a gallon reached in July.
On Thursday, Abu Dhabi National Oil Co. said it will reduce exports of
Crude Oil in April. The United Arab Emirates state-owned producer will export 17% less of Upper Zakum crude oil than contracted, following a 15% reduction in March Shipments of Umm Shaif, Lower Zakum and Murban crude will be cut by 15%.
MCX GOLD MINI 995 05 March 2012
contract was trading at
Rs 27804 , up Rs. 149 . What's your view on it?
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