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Oil prices move higher
AFP
LONDON
Petroleumworld.com 01 30 06
Crude oil prices recovered some ground on Tuesday, the eve of a crucial weekly update on energy stocks in the United States, analysts said.
In London, the price of Brent North Sea crude for March delivery added 41 cents to 54.09 dollars per barrel in electronic trading.
New York's main oil futures contract, light sweet crude for delivery in March, gained 30 cents to 54.31 dollars per barrel in electronic deals before the official opening of the market.
Crude prices retreated Monday as traders locked in gains from last week's jump above 55 dollars per barrel, despite cold weather in the United States and new concerns in oil producers Iran and Nigeria.
The US Department of Energy was due Wednesday to unveil its latest closely-watched report on American crude oil stocks.
"The market is on hold until the US inventory report," said Steve Rowles, a Hong Kong-based analyst with CFC Seymour Securities.
"The consensus is that overall supply numbers will increase and the high stockpiles will drive the price down," Rowles added.
Over the past week, oil prices have bobbed around the 55-dollar level as colder temperatures have hit the northern hemisphere, after what had been a relatively mild winter.
AFP 30 0906 GMT 01 07
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