SINGAPORE (AP) -- Oil prices fell back modestly in Asia Friday as traders took profits after signs of improving U.S. crude demand have sparked a 30 percent rally in the last week or so.Benchmark crude for April delivery fell 61 cents to $44.61 a barrel by midday in Singapore on the New York Mercantile Exchange. The contract jumped $2.72 on Thursday to settle at $45.22.
Oil prices have rebounded from below $35 last week on early evidence that the drop in U.S. crude demand may be stabilizing. Government data earlier this week showed that gasoline demand was up 1.7 percent from the same period last year.
And the U.S. Energy Department on Wednesday said crude inventories rose 700,000 barrels for the week ended Feb. 20, less than the 3.5 million barrel build-up analysts expected. While inventories rose, the trend appears to be slowing. Last week the government reported inventories fell slightly. more...
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