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Oil edges higher on Japan GDP data

Last updated: 19:46 15 Feb 2010 GMT, First published: 20:46 15 Feb 2010 GMT

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Oil prices inched higher today, recovering from Friday’s falls on US inventory data along with news of the latest move by China to tighten its monetary policy and curb economic growth.

The US Energy Information Administration (EIA) released its crude stockpiles report on Friday, revealing a greater than expected increase of 2.4 million barrels. Gasoline stocks rose by 2.4 million barrels, which also was more than expected.

Earlier in the week, Back on Tuesday, an inventories update from API (American Petroleum Institute) showed an unexpectedly high increase in crude inventories of 7.195 million barrels last week, while a Platts survey projected a 2 million barrel rise. Gasoline stocks were up 1.552 million barrels, distillate stocks declined by 1.53 million barrels, while refinery utilization rate fell, moving down from 78% to 77%, reflecting lower demand.

The world’s second largest energy consumer China has raised the reserve requirements for banks by half a percentage point in its most recent step to cool down the ongoing growth and prevent the economy from overheating and tightening lending restrictions for banks last month.

The prices were supposed by positive news from Japan, whose GDP grew at an annual rate of 4.6% in Q4.

April Brent Crude reaches US$72.85/barrel, while US light, sweet crude for April delivery traded at US$74.10/barrel on the New York Mercantile Exchange.

Trading activity was low today due to holidays in the US and Asia.

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