Oil prices edge higher
Reuters, London
Oil prices edged higher on Friday, ending a three-day losing streak, as dealers weighed Opec's threat to cut production against healthy supplies of crude and gasoline in the United States, the world's biggest consumer.US crude oil futures rose 29 cents to $46.74 a barrel by 4:30 a.m. EST, halting a slide that had shaved $1.75 off the price of oil since Monday. London Brent crude as up 34 cents at $44.19 a barrel. U.S. oil inventory data on Wednesday showed still robust crude oil supplies and higher gasoline stocks, easing concezns about meeting demand in the late spring when motor fuel consumption picks up. Forecasts for warmer than usual February and March weather in the key Northeast consuming region has shifted the market's focus from a possible winter squeeze to the second quarter lull, when global demand ebbs ahead of the summer driving season. With gasoline stocks already 4 percent above year-ago levels and imports running strong, the United States appears poised to avert a springtime gasoline price spike for the first time in two years, analysts say.
|
|
