Crude oil declines

China Daily | Updated: 2011-03-25 08:11

SINGAPORE - Oil fell from the highest level in more than two years in New York trading on signs that supplies are rising in the United States.

Crude for May delivery declined as much as 64 cents to $105.11 a barrel in electronic trading on the New York Mercantile Exchange, and was at $105.49 at 3:16 pm Singapore time on Thursday. On Wednesday, the contract climbed 78 cents, or 0.7 percent, to $105.75, the highest since Sept 26, 2008.

Brent crude for May settlement slid 11 cents, or 0.1 percent, to $115.44 a barrel on the London-based ICE Futures Europe exchange. On Wednesday, it fell 15 cents to $115.55.

Supplies were forecast to increase 1.5 million barrels, according to a Bloomberg News survey. Oil in New York has advanced 15 percent this year.

Bloomberg News

(China Daily 03/25/2011 page17)