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          World Business

          

          


          


 

          


          

          Oil rebounds 2% on surprise draw in supply
          


          (Xinhua)
          
 Updated: 2010-04-15 10:38
          


          


          

          



 

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          NEW YORK - Oil prices stripped a five-day losing streak and rebounded to above $85 on Wednesday as US crude inventory surprisingly fell last week.
          


          Light, sweet crude for May delivery gained $1.79 to settle at $85.84 a barrel on the New York Mercantile Exchange. Crude futures rose to as high as $86.39 a barrel during trading.
          


          

          

          

          


          


          


          


          


          


          Related readings:
          Oil rebounds 2% on surprise draw in supply Domestic oil prices may rise this month
          Oil rebounds 2% on surprise draw in supply CNPC, Sinopec push up oil prices to cut stockpiles - report
          Oil rebounds 2% on surprise draw in supply Rising oil prices fuel Shell's Q4 profit
          Oil rebounds 2% on surprise draw in supply Will oil prices top US$100 again?
          US Energy Department Energy Information Administration reported on Wednesday that crude stockpiles fell by 2.2 million barrels, while analysts had forecasted a gain of 1.6 million barrels. The report also showed that gasoline inventories declined by 1.1 million barrels, more than average forecast for a decrease of 600,000 barrels.
          


          Oil prices began to move upward even before the inventory report as strong earnings results and retail sale data reassured investors' confidence in a slow yet steady economic recovery.
          


          In London, Brent crude for May delivery rose $1.44 to $86.16 a barrel on the ICE Futures Exchange. 
          


          



 

          

          



 



 

          

          



 

          


 

          
           



          


 

          


          


 

          


          


 

          


          

          





          

          





          


 

          


          


 

          


          


 

          


          


 

          


          

          

          
           
          

          










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