New York, March 24: Oil prices fell in Asian trade today after nearing 82 dollars. This follows dampened sentiment due to a private report showing weaker US energy demand.
New York’s main contract, light sweet crude for May delivery, dropped 67 cents to 81.24 dollars a barrel. Brent North Sea crude for May was down 55 cents to 80 dollars 15 Cents.
The American Petroleum Institute, an industry group, said late Tuesday crude stocks in the country, the world’s largest energy consumer, rose by 7.5 million barrels for the week ended March 19.
Oil prices had advanced near 82 dollars a barrel yesterday lifted by gains in the US stock markets after a report from the National Association of Realtors showed existing-home sales fell lesser than expected in February.
–Agencies