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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Oil higher in Asian trade AFP - Friday, April 10 SINGAPORE (AFP) - - Oil prices were higher in Asian trade Thursday, pushed up by a smaller-than-expected rise in US crude reserves, analysts said. ADVERTISEMENT New York's main contract, light sweet crude for May delivery gained 1.48 dollars to 50.86 dollars. Brent North Sea crude for May delivery advanced 1.50 dollars to 53.09 dollars. Prices received a mild boost from the latest US energy report released Wednesday, which showed the country's crude stocks increased by a smaller margin than the industry had forecast, analysts said. The weekly Department of Energy report showed crude reserves rose by 1.6 million barrels in the week ending April 3, lower than the gain of 1.9 million barrels that analysts polled by Dow Jones Newswires had predicted. "The increase in US crude oil inventories was less than some had feared," said David Moore, a commodity strategist with the Commonwealth Bank of Australia in Sydney. Oil prices are down significantly from record peaks of above 147 dollars reached in July last year, pulled down by worries about the global crisis, but Algeria's energy minister had an upbeat outlook. "The global economy is starting to pick up, especially in the United States," Algeria's energy minister Chakib Khelil told AFP on Wednesday. "A barrel could hover around 70 dollars between the end of 2009 and early 2010 and then rise to 80 dollars," he said. Email Story IM Story Printable View Blog This Recommend this article 0 users recommend Sign in to recommend this article » Most Recommended Stories » Related Articles: Business Ad resembling story appears on front of LA TimesAP - Friday, April 10 Wells Fargo earnings surprise sends market higherAP - Friday, April 10 Fla. attorney general sues maker of Vick chew toyAP - Friday, April 10 A look at economic developments around the globeAP - Friday, April 10 Fitch may cut largest Japanese banks' credit ratingsReuters - Friday, April 10 Enlarge Photo Oil higher in Asian trade Related Photos Slideshow Full Photo Coverage: Business & Economy Most Popular – Business Viewed Harry Potter actor arrested over cannabis find 'Dracula bandit' gets 20-yr jail sentence Study points to calorie-burning fat Journalists get shock with 'sexy' White House call Israeli Jews hold rare prayer to bless the sun View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

Other News on Friday, 10 April 2009
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