Global crude oil prices picked up slightly this afternoon after making a brief incursion under $58 a barrel. This followed US government figures showing that stockpiles of crude oil, petrol and winter fuels rose across the board last week.
But the rises in petrol and distillates were not as strong as analysts had expected. In a weekly survey of US inventories, the Department of Energy said crude oil reserves surged 3.3 million barrels to 328.1 million in the week to September 29.
Reserves of petrol showed an increase of 1.2 million barrels to 215.1 million, compared with expectations of a bigger rise of 1.5 million. Inventories of distillates, used for heating oil and diesel fuel, crept up by 200,000 barrels to 151.5 million, much less than forecasts of a gain of 1.5 million.
After the report, crude oil futures in New York rose 22 cents to $58.90. This morning, Brent crude had plunged to $57.78 - a low which was last seen in December 2005. The contract later stood at $58.55 a barrel, marking an increase of 12 cents from yesterday's close. So far this week, crude futures have shed around $4 or 7% in value.
