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Commodities: Oil up slightly after mixed data

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Date: Thursday 24 Apr 2008

LONDON (ShareCast) - Crude oil futures settled 23 cents higher on the New York Mercantile Exchange at $118.30 a barrel.

Prices rose to just under $120 a barrel the previous session on concern about tight supplies.

Weekly government data showed stockpiles of crude were higher than expected while gasoline stocks fell more than expected. The mixed data capped gains.

The US Energy Information Administration said crude stocks rose by 2.4m barrels last week, higher than expectations of around 1.1m barrels.

Gasoline supplies fell by 3.2m barrels, higher than an expected decline of 2.1m barrels. Meanwhile distillates, used to make heating oil and diesel, fell by 1.4m, much higher than the 300,000 barrel decline expected by analysts.

Among precious metals gold futures fell as the dollar recovered against major currencies. Gold for June delivery fell $16.2 to $909 an ounce.

Silver fell 55 cents to $17.28 while platinum fell $18.60 to $2018.80.