Crude prices climb again

| April 19, 2005 | 0 Comments
Crude prices climb again

Prices for crude oil were up Tuesday on news of refinery problems and in anticipation of weekly reports from the U.S. that are expected to show yet another rise in inventories of crude oil.

It is believed that Wednesday’s data will show that another 1.8 million barrels of crude oil have been added to inventories, that gasoline inventories are up by 200,000 barrels, and that distillate inventories such as diesel fuel and heading oil are up by 400,000 barrels.

Nymex WTI May deliveries were up $1.23 to $51.60 per barrel and June deliveries went up $1.58 ,t o $53.06. June delivery Brent crude was up by $1.52, to $52.30.

ExxonMobil and Valero refineries in the U.S. were closed for unplanned maintenance recently, unsettling the market in light of the close proximity of the summer driving season.

Conoco Philips’ announcement that it will close it’s Humber refinery next month added to concerns.

Meanwhile, OPEC president Sheikh Ahmad al-Fahad reported that his organization would increase supply by around 500,000 barrels per day in May, which will bring output close to a 25-year high.

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