Oil edges down after choppy trading

09:07, April 06, 2011      

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U.S. crude oil price edged down on Tuesday after choppy trading as conflicts in Libya continued and U.S. was supposed to post an increasing crude inventories report on Wednesday. Geopolitical problems still weighted the markets. The battles between Muammar Gaddafi's forces and the rebels continued in Libya. And the unrest in Yemen posed a threat to its neighbor Saudi Arabia. In Nigeria, there was anger to the election delay. Investors and traders showed great worry about the supply safety in the Middle East, which lifted the oil prices.

But China's another round of interest hike limited the demand expectation, pressuring the markets. Meanwhile, the markets expected the U.S. crude oil inventories report on Wednesday would show an increase.

Light, sweet crude for May delivery dipped 13 cents to settle at 108.34 dollars a barrel on the New York Mercantile Exchange, ending the rise in four sessions. But in London, Brent crude for May delivery gained 1.16 dollars, or 0.96 percent to settle at 122. 22 dollars a barrel, hitting peak in two and a half years.

Source: Xinhua
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