OIL PRICES

Crude Prices Hold Steady As US Stocks Rise And Data Improves

The price of WTI settled at $104.55/B on 26 April despite the US Energy Information Administration (EIA) reporting a rise in US stocks of 4.0mn barrels. This was attributable to data showing an improvement in US housing sales, seen as a positive economic indicator. Rising production and inventories held by Saudi Arabia are seen as a move to hold prices in check for the sake of global economic recovery. Writing in...