Oil prices higher in Asian morning trade
Oil prices rise despite a report showing increasing US crude reserves and Bush's call for OPEC members to hike output.business Updated: Jan 17, 2008 09:05 IST
Oil prices rose on Thursday despite a report showing increasing US crude reserves and US President George W Bush's call for OPEC members to hike output, dealers said.
In morning trade, New York's main oil futures contract, light sweet crude for delivery in February, gained 28 cents to 91.12 dollars per barrel.
The contract closed down 1.06 dollars at 90.84 in trading on the New York Mercantile Exchange yesterday.
Brent North Sea crude for February delivery settled down 1.23 dollars at 89.75 in London yesterday.
Prices fell after the US Department of Energy said American reserves of crude climbed by 4.3 million barrels in the week ended January 11.
The reserve increase was well above market expectations for a gain of 1.25 million barrels and broke an eight-week run of falls.
At the same time, the International Energy Agency, policy adviser to major industrialised nations, said it is keeping its 2008 forecast for oil demand unchanged despite growing expectations of a US recession.
Oil prices remain elevated but have shed almost 10 dollars since striking a record high in New York of 100.09 dollars per barrel earlier this month.
Bush, who ended a Middle East tour yesterday, voiced hope this week that the Organisation of the Petroleum Exporting Countries (OPEC) would increase oil output to combat high prices, after his talks with King Abdullah of Saudi Arabia, the world's top crude producer.