Reply #11: Oil above $51 on signs of higher US consumption

[ozymandius]

VIENNA – Oil prices rose above $51 a barrel Thursday as upbeat reports from some U.S. retailers suggested Americans may be willing to spend more once again.

Oil has traded near $50 over the last week as investors sought to gauge the health of the U.S. economy as it reels from its worst recession in decades.

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U.S. crude inventory numbers were mixed. For the week ended Friday crude supplies increased by 1.7 million barrels to 361.1 million barrels, 15.2 percent above year-ago levels, the Energy Department's Energy Information Administration said in its weekly report on Wednesday.

Analysts expected a boost of 2.3 million barrels, according to a survey by Platts, the energy information arm of McGraw-Hill Cos.

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In other Nymex trading, gasoline for May delivery more than 4 cents to $1.48 a gallon and heating oil gained close to 3 cents to fetch $1.43 a gallon. Natural gas for May delivery was up by just over a penny at $3.64 per 1,000 cubic feet.

http://news.yahoo.com/s/ap/oil_prices