Why Oil prices were on the rise today may 18 2011

Why Oil prices were on the rise today may 18 2011 : Oil prices were on the rise today, tracking gains in equity markets and enjoying support from the American Petroleum Institute’s (API) bullish inventories data. The API report showed a reduction of 1.5 million barrels in US crude oil stockpiles, suggesting a higher level of demand in the US. Gasoline stocks shed 676,000 barrels.

A more closely watched inventories report from the US Department of Energy will be out later today.

Equities markets were in buying mode today. Stocks in London were lifted by a strong performance from property companies, while the US markets got a boost from a better than expected earnings report from Dell (NYSE:DELL).

Crude oil futures declined under pressure US housing data on Tuesday. The Commerce Department said that housing starts slipped from a revised annualised rate of 585,000 in March to 523,000 in April and building permits fell 4 percent to 551,000.

Traders are focusing on the minutes from the Federal Reserve’s latest policy meeting, which will be out later today. The report will be scrutinised for indications of the strength of the ongoing economic recovery in the US.

US light, sweet crude for June delivery rose US$99.36/barrel on the New York Mercantile Exchange (NYMEX), while July reached US$99.77/barrel.

July Brent crude last traded at US$111.63/barrel on the ICE Exchange.

Supermajors Royal Dutch Shell (LON:RDSB) and BP (LON:BP) added 1.9 percent and 1.2 percent respectively. Cairn Energy (LON:CNE) rose 2.2 percent. Tullow Oil (LON:TLW) and BG Group (LON:BG) tacked on 1.5 percent and 1.2 percent respectively.

Premier Oil (LON:PMO) and Soco International (LON:SIA) led the midcaps, rising 2 percent.

US focused Nighthawk Energy (LON:HAWK) and North Sea explorer Xcite Energy (LON:XEL) were among the top performing small caps, climbing 5.2 percent and 4.5 percent respectively. ( source www.proactiveinvestors.co.uk ) For the latest updates PRESS CTR + D or visit Stock Market news Today

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