Friday, April 03, 2009

Oil inches hover around US$49, rise on hope of US economy beginning to stabilize

Crude oil that dipped by over one dollar on Wednesday on news of rise in US inventory levels has recoiled. Crude inventories increased by 2.8 mln barrels to 359.4 mln barrels for the week ended March 27 – levels not seen since July 1993.

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