Oil stocks highest since 1990

23/04/2009

US crude reserves have risen to their highest level since 1990, the latest data from the Energy Information Administration (EIA) has shown.

In developments widely anticipated by industry analysts and traders, figures released by the group yesterday (April 22nd) showed that stockpiles of crude, heating oil, gasoline and other distillates all rose last week, indicating that demand for petroleum products remains weak in the US.

"For now the oil market will remain buffeted between bearish fundamentals and bouts of optimism coming from the equity markets," said Harry Tchilinguirian, senior oil market analyst at BNP Paribas, speaking to Bloomberg.

Trading in headline crude futures on the New York Mercantile Exchange has been relatively subdued following publication of the EIA data yesterday, with June light, sweet finishing the day at $48.82 (£3338) a barrel, up 20 cents on the previous day.