- News>
- World
Oil price slip despite report of tight inventories
New York, May 27: Oil prices slipped yesterday as traders apparently cast aside gasoline shortage fears, refusing to be spooked by a report of tight US crude oil and gasoline inventories.
The market seemed to ignore Department of Energy
report showing crude oil inventories in the week ended May 21
were unchanged from the previous week at 298.9 million
barrels.
Stocks of gasoline -- a major concern at the start of
the peak summer demand period -- fell 700,000 barrels to 203
million, the government said.
In the approach to the first major summer holiday, the
memorial day weekend, traders seemed to be realize that
"gasoline prices are high but we are probably not going to be
pushing our cars to the lake," he added.
"Maybe the worst is over for the short run."
Oil prices had climbed recently despite a pledge by
Saudi Arabia to pump more oil.
Kuwait also supports a production hike by the
organisation of petroleum exporting countries at a ministerial
meeting in Beirut June 3.
Bureau Report