Oil rebounds 2 percent on surprise draw in supply

08:30, April 15, 2010      

Email | Print | Subscribe | Comments | Forum 

Oil prices stripped a five-day losing streak and rebounded to above 85 U.S. dollars on Wednesday as U.S. crude inventory surprisingly fell last week.

Light, sweet crude for May delivery gained 1.79 dollars to settle at 85.84 dollars a barrel on the New York Mercantile Exchange. Crude futures rose to as high as 86.39 dollars a barrel during trading.

U.S. Energy Department Energy Information Administration reported on Wednesday that crude stockpiles fell by 2.2 million barrels, while analysts had forecasted a gain of 1.6 million barrels. The report also showed that gasoline inventories declined by 1.1 million barrels, more than average forecast for a decrease of 600,000 barrels.

Oil prices began to move upward even before the inventory report as strong earnings results and retail sale data reassured investors' confidence in a slow yet steady economic recovery.

In London, Brent crude for May delivery rose 1.44 dollars to 86. 16 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