21 Jan '11, 9pm

US oil prices fall on high inventories

NEW YORK: US oil prices dropped for the fourth straight day in New York on Friday, after weekly data showed a surprisingly higher level of US stockpiles than expected. The price for a barrel of light sweet crude for March delivery fell 48 cents to $89.11, and was off $2.43 from the closing price a week earlier. In London, however, a barrel of North Sea Brent crude pulled up $1.02 to $97.60, though well off its the $99.20 level struck a week earlier, it highest since October 2008. "Prices continue to be weighed down by the high levels of inventories," said Matt Smith of Summit Energy. US crude oil stockpiles climbed 2.6 million barrels to 335.7 million barrels in the week to January 14, according to data released on Thursday. Analysts had forecast a drop of 900,000 barrels for the world's biggest oil consumer. Smith also blamed a bottleneck at the key Cushing, Oklahoma oil ...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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