World oil prices rose slightly this evening after data revealed that US crude inventories had unexpectedly fallen last week.
New York's main contract, light sweet crude for delivery in May, climbed by 16 cents to $62.50 a barrel in pit trading. In London, the price of Brent North Sea crude for May delivery gained 29 cents to $62.42 a barrel in electronic deals.
Stockpiles of US crude oil staged a surprise fall in the week that ended March 17, the latest government data showed today, while reserves of petrol and refined products declined also.
The US Department of Energy reported that crude oil inventories slipped by 1.3 million barrels last week to total 338.6 million. Analysts had bet on a rise of 2.8 million barrels. It was the first time that US crude supplies had fallen since early February, but they are still nearly 9% above their levels a year ago.
Motor petrol stocks fell by 2.3 million barrels over the week to 221.6 million barrels, the DoE said. Analysts expected them to fall by only one million barrels. Levels of petrol are taking on a sharper focus as the US summer driving season approaches. They are marginally higher than at this time last year.
Distillate supplies, used to make heating oil and diesel, fell 800,000 barrels to 126.7 million, still 15% above the year-ago level, the DoE said. That was less than the forecast decline of two million barrels.
The market, meanwhile, continues to track events in major producers Iran and Nigeria. With fresh attacks on a Nigerian oil pipeline last Friday and continued wrangling between Iran and the West over its nuclear ambitions, geopolitical risks are keeping a high price on crude, analysts said.
