&to=http:// english.pravda.ru/economics/2003/03/26/45093.html' target=_blank>Oil prices in the United States have rebounded after earlier slipping below $45 a barrel for the first time in more than a month.
The price had fallen on hopes the mild US winter meant stockpiles were rising. But prices rose a dollar a barrel as inventory data showed an unexpected fall in crude oil stockpiles.
US light crude went to $46.40 a barrel, recovering from a drop to $44.83, as the data showed crude inventories fell one million barrels last week, says the BBC News.
According to the Bloomberg, &to=http:// english.pravda.ru/economics/2002/08/09/34207.html' target=_blank>gasoline stockpiles probably rose by 1 million barrels from 216.3 million, according to the median forecast of 15 analysts surveyed. Crude-oil inventories probably gained by 700,000 barrels. The Energy Department is scheduled to release its weekly inventory report at 10:30 a.m. in Washington. Crude oil and gasoline supplies exceeded the five-year average on Jan. 28.
"The market's movement today all depends on the inventory numbers," said Marshall Steeves, an analyst with Refco Group Inc. in New York. "The magnitude of the crude and gasoline increases will be focused on. If the report shows that imports rose and we get an increase of more than 1 million barrels prices will test recent lows."
U.S. crude inventories stand at 294.3 million barrels, or 8 percent above year ago levels, according to the &to=http:// english.pravda.ru/region/2002/09/21/37009.html' target=_blank>Energy Department. Distillate supplies are at 115.6 million barrels, or 5 percent lower than last year.