Oil holds at $48 despite weak stockpile forecasts

22/04/2009

Near-term crude oil futures have held relatively steady around the $48 (£32.92) mark during electronic trading on the New York Mercantile Exchange this morning (April 22nd).

The commodity fell following the publication of a weekly poll from Bloomberg in which it was estimated that US crude inventories rose 2.5 million barrels over the course of last week, taking stockpiles to their highest level since 1990.

However, by 05:44 Eastern Time, the June delivery contract had climbed to $48.90, up 35 cents on yesterday's close.

The analysts poll is published weekly prior to official data from the Energy Information Administration, which is expected later today and will also include data on heating oil, gasoline and DERV inventories.

Christopher Bellew, a senior broker at Bache Commodities, told the news agency that the economic crisis has pushed crude stocks to historically high levels.

"It would take something quite bullish in the inventory data to take us back over $50 and I don't see that happening," he said.