Reply #52: Oil Prices Slip but Stay Above $54

[ozymandius]

Oil Prices Slip but Stay Above $54 a Barrel After U.S. Says Domestic Supplies Rose Last Week

VIENNA, Austria (AP) -- Crude oil futures declined but remained above $54 a barrel Thursday after the U.S. government said domestic supplies of oil, gasoline and distillate fuels rose last week.

Prices shot up by 5 percent a day earlier on persistent concerns about strong demand. Some concern that increased OPEC production had failed to put a lasting dent in prices and forecasts of an active hurricane season in the United States -- with the potential for disruptions in refining and downloading crude -- added to sentiment that has prompted prices to surge from the $47 level in two weeks.

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In its weekly petroleum supply report, the U.S. Department of Energy said inventories of crude oil rose last week by 1.4 million barrels to 333.8 milllion barrels, or 11 percent above last year. Gasoline inventories grew by 1.3 million barrels to 216.7 million barrels, up 6 percent from a year ago. The supply of distillate fuel, which includes heating oil, diesel and jet fuel, increased by 700,000 barrels to 106.4 million barrels, about even with a year ago.

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http://biz.yahoo.com/ap/050602/oil_prices.html?.v=12