Oil prices stable as markets remain closed on May Day
LONDON - Agence France-Presse
Pump prices have been rising relentlessly since January due to the hike in crude. AP photoOil prices were narrowly mixed in muted trading yesterday, as markets were closed in many countries for May Day holidays.
New York’s light sweet crude for delivery in June fell 14 cents to $104.73 a barrel. Brent North Sea crude for June edged up six cents to $119.53. Expectations of a build-up in US crude inventories coupled with heightened worries over the economic state of the eurozone weighed on crude prices, said Jason Hughes, head of premium client management for IG Markets Singapore. “The estimates coming in that US stockpiles would have increased yet again and also the uncertainty that still remains over the eurozone and the Spanish economy officially entering recession for the second time since 2009” hit crude prices, he told AFP. An analyst poll forecast that US crude stockpiles would rise by 2.3 million barrels for the week ended April 27.