The Energy department in US reported that for last week, crude stockpiles rose 3.2 million barrels. In addition news came in that China will be tightening its fiscal policy to curb inflation. The news affected global oil prices as the policy is expected to lead to a decline in output levels, which in turn would lead to a lesser demand for crude.
The value of crude for June delivery was reported at $110.23 per barrel, down by
82 cents on the New York mercantile exchange. While on the ICE futures exchange in London, Brent crude for May contract was down to $122.10 a barrel. (11:29 P.M IST)