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Oil prices fluctuate around $50

20 April 2009 09:58 (UTC +04:00)

Bakuâ€“ APA-Economics. Crude oil fell on concern inventories will rise as the global recession saps demand for fuels in the U.S., the worldâ€™s biggest energy user.

A U.S. Commerce Department report on April 24 may show orders for durable goods such as refrigerators and computers declined for the fifth time in six months in March, according to a Bloomberg News survey of economists. Crude-oil inventories are at 366.7 million barrels, the highest since September 1990, the Energy Department said on April 15.

Crude oil for May delivery fell as much as $1.03, or 2.1 percent, to $49.30 a barrel in electronic trading on the New York Mercantile Exchange. It was at $49.50 a barrel at 2:34 p.m. Singapore time. Prices are up 11 percent this year.
The May contract expires tomorrow. The more-active June futures were down 82 cents, or 1.6 percent, to $51.65 a barrel.
Crude rose on April 17 on reports that oil refiners in China, the worldâ€™s second-largest crude consumer, increased their output last month. The country refined 29.4 million metric tons of crude, or about 6.92 million barrels a day, in March, the China Mainland Marketing Research Co. said in a statement April 17. Thatâ€™s up 0.7 percent from a year earlier.
Brent crude oil for June settlement fell as much as 90 cents, or 1.7 percent, to $52.45 a barrel on Londonâ€™s ICE Futures Europe exchange. It was at $52.61 at 2:37 p.m. Singapore time.