Oil settles near 84 dollars on oversupply concerns

08:42, April 14, 2010      

Email | Print | Subscribe | Comments | Forum 

Oil prices fell for a fifth day on Tuesday as oversupply concerns weighed on market ahead of weekly inventory report.

Light, sweet crude for May delivery fell 29 cents to settle at 84.05 U.S. dollars a barrel on the New York Mercantile Exchange. Crude futures dropped to as low as 82.51 dollars a barrel during trading.

The International Energy Agency (IEA) said in its latest monthly report, which was released on Tuesday, that crude prices above 80 U.S. dollars a barrel could hurt the economic recovery.

IEA said it expects world oil demand will increase by 1.7 million barrels per day this year, compared with a decline of 1.3 million barrels per day last year.

However, IEA also predicted that U.S. crude stocks will continue to rise and oil supply from non-OPEC countries will grow faster than previously expected, as big producers cash in on higher oil prices this year.

Traders are focused on the government's weekly fuel inventory reports, which are scheduled on Wednesday. Analysts expect the crude stocks to rise for the 11th consecutive weeks by 1.6 million barrels.

In London, Brent crude for May delivery fell 9 cents to 84.68 dollars a barrel on the ICE Futures Exchange.



  • Do you have anything to say?


Special Coverage
  • Premier Wen Jiabao visits Hungary, Britain, Germany
  • From drought to floods
Major headlines
Editor's Pick
  • On Sept. 26, a resident passes by a flower terrace decorated for the coming National Day. (Xinhua/Hang Xingwei)
  • The photo, taken on Sept. 26, shows the SWAT team ready for the joint exercise. (Xinhua/Wangkai)
  • Two metro trains in Shanghai collided Tuesday afternoon, and an identified number of passengers were injured in the accident, the Shanghai-based eastday.com reported. Equipment failures were believed to have caused the crash on the Line 10 subway, Xinhua quoted local subway operator as saying.
  • An employee at a gold store in Yiwu, located in east China's Zhejiang province, shows gold jewelry on Monday.(Xinhua/Zhang Jiancheng)
  • Tourists ride camels near China's largest desert lake Hongjiannao in Yulin, north China's Shaanx Province, Sept. 24, 2011. Hongjiannao is shrinking as a result of climate change and human activities, and may vanish in a few decades. Its lake area, which measured more than 6,700 hectares in 1996, has shrunk to 4,180 hectares. Its water level is declining by 20-30 centimeters annually and its water PH value has risen to 9.0-9.42 from 7.4-7.8. (Xinhua/Liu Yu)
  • Actors perform royal dance at the Gyeongbok Palace in Seoul, Sept. 27, 2011. A ceremony commemorating the 38th South Korea Sightseeing Day was held in Gyeongbok Palace on Tuesday. (Xinhua/He Lulu)
Hot Forum Discussion