10-4-2009

Jakarta, Financeroll.com - Crude oil rose for a second day after a U.S. government report showed a smaller inventory gain compared with industry estimates.

Supplies increased 1.65 million barrels to 361.1 million last week, the highest since July 1993, the Energy Department said. Stockpiles were forecast to climb by 1.5 million barrels. The industry-funded American Petroleum Institute said April 7 stockpiles jumped 6.94 million barrels to the highest since 1990.

Crude oil for May delivery rose as much as $1.02, or 2.1 percent, to $50.40 a barrel on the New York Mercantile Exchange. Brent crude oil for May settlement rose as much as 80 cents, or 1.6 percent, to $52.39 a barrel on London’s ICE Futures Europe exchange.