Daily oil summary
Wednesday was another volatile day with prices rising and falling throughout. The ever changing fortunes of the Libyan rebels suggested that there would be no short-term end to the ongoing conflict, so a resumption of oil exports seemed unlikely. US unemployment data that was in line with expectations also gave the market some support. However, the weekly US Stock figures from the Energy Information Administration (EIA) showed a larger build on crude than forecast, plus an unexpected build on distillates. Crude oil stocks at Cushing, Oklahoma, the delivery hub for West Texas Intermediate (WTI) rose to a record high of 41.89m bbl, an increase of 1.69m bbl over the previous week. Another draw on gasoline gave little initial support so prices fell sharply to hit new lows. They quickly bounced back as stock markets firmed and the dollar weakened. The upward trend eventually took prices to new highs, but they failed to hold the gains, dropping well back by the close.
May Brent closed the day down $0.03 at $115.13/bbl, having traded a range between $114.50 and $115.70.
May West Texas Intermediate (WTI) closed the day down $0.52 at $104.27/bbl, having traded a range between $103.44 and $105.15.
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