Oil prices recovered slightly on Wednesday following a less-than-expected increase in US crude reserves. New York's main futures contract, light sweet crude for May delivery, rose 23 cents from Tuesday's closing price to end at $49.38 per barrel. In London, Brent North Sea oil for May delivery added 37 cents to $51.59 per barrel. The US Department of Energy (DoE) said Wednesday that American crude oil inventories jumped by 1.6 million barrels in the week ending April 3. Oil prices had dipped sharply on Tuesday, falling below $50 a barrel in New York as the market worried about tumbling stock markets and weak demand amid mounting signs of a deepening global economic downturn. New York crude wiped out $1.90 and London Brent oil erased $1.02 in Tuesday trade. Analysts polled by Dow Jones Newswires had forecast a larger gain of 1.9 million barrels, which would have indicated even weaker energy demand. However, crude oil stocks in the US remain at their highest level since 1993 amid a deep recession. The global economic slump has slashed worldwide energy demand, cutting crude prices from record peaks of above $147 per barrel that were forged last July. Algeria's energy minister said on Wednesday oil prices could rise to $70 by year
