Crude oil prices steady

27th July 2010, Comments 0 comments

World oil prices steadied on Tuesday, as traders sat on their hands and awaited this week's report on the state of energy reserves in the United States.

New York's main contract, light sweet crude for delivery in September, added just eight cents to 79.06 dollars a barrel.

Brent North Sea crude for September eased one cent to 77.49 dollars per barrel in morning trade.

Oil was also little changed on Monday as investors had mulled expectations of an inventory decline in the United States, amid easing concerns over a storm threat to drilling in the Gulf of Mexico.

On Wednesday, the US government's Department of Energy will publish its weekly report on American crude oil reserves for the week ending July 23.

"This week's inventories data ... will likely become a key short-term influence," said Sucden analysts in London.

"Crude oil stocks (in the US) are estimated lower by 1.8 million barrels in the recent week, according to analysts, likely due in part to a reduction in imports due to weather disruptions."

Over the weekend, however, Tropical Storm Bonnie blew itself out in the Gulf of Mexico after causing disruption to shipping and oil output.

© 2010 AFP

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