LONDON (SHARECAST) - Oil prices dipped on Wednesday in choppy trading, after the weekly government inventory report showed a bigger than expected rise in supplies.
Crude for June delivery fell 17 cents to settle at $83.68 a barrel on the New York Mercantile Exchange.
Figures from the Energy Information Administration showed crude oil stockpiles rose by 1.9m, against expectations of a more modest 300,000 barrel rise. Distillates rose by 2.1m barrels, instead of an expected 840,000 barrel rise. Meanwhile gasoline stocks surged by 3.6m barrels. Analysts had been expecting a gain of 100,000 barrels.
The bearish numbers outweighed earlier cheer about rising demand for jet fuel as European resumed flights.
Airports across Europe have been forced to ground flights, leaving passengers stranded for days. The rising dollar also weighed on demand for oil but gold retained its shine.
Gold for June delivery rose $9.60 to $1,148.80 an ounce as investors cheered positive US results from Apple and IBM.
Platinum and palladium rose to a fresh two-year high on Wednesday on hopes of higher demand as investors digested upbeat earnings and concern about fraud charges against Goldman Sachs starts to ease.
Palladium for June delivery bounced $16.85 to $568.25 an ounce.
