Oil Prices Edge Higher Before US Inventories

 

World oil prices climbed slightly on Thursday, trading above 58 dollars, before publication of key data on the level of US energy stockpiles and after plunging to six-week lows a day earlier.

 On Wednesday, prices closed down nearly 3.0 dollars in New York and tumbled also in London to the lowest levels since mid-November, owing to reduced demand for heating fuel as the United States experiences warm winter temperatures, traders said.

   On Thursday, New York's main contract, light sweet crude for delivery in February, rose six cents to 58.38 dollars per barrel in electronic deals before the official opening of the US market.

   The contract had plunged 2.73 dollars to close at 58.32 on Wednesday.

   On Thursday in London, Brent North Sea crude for February delivery gained 19 cents to 58.15 dollars in electronic trading. It had closed down 2.48 dollars the day before.

   Later Thursday the US Department of Energy was to release its weekly report on energy stockpiles in the country.

Spurce: AFP

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