Oil prices rose above $84 a barrel Wednesday in Asia, breaking a five-day slide, as rising global stock markets boosted crude investor optimism, the Associated Press reported. Benchmark crude for May delivery was up 34 cents to $84.39 a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange. The contract dropped 29 cents to settle at $84.05 on Tuesday. The Dow Jones industrial average rose to a fresh 18-month high Tuesday. And after Intel Corp. reported better-than-expected earnings late Tuesday, most Asian stock indices were higher Wednesday. Oil traders often look to equities as a barometer of overall investor sentiment. A report saying U.S. gasoline supplies rose unexpectedly last week, which suggests demand remains weak, helped weigh on crude prices. Gasoline inventories rose last week by 1.6 million barrels, the American Petroleum Institute (API) said late Tuesday. Inventories of crude and distillates also rose, the API said. The Energy Department's Energy Information Administration is scheduled to announce its supply report later Wednesday. In other Nymex trading in May contracts, heating oil rose 0.5 cent to $2.219 a gallon, and gasoline held at $2.308 a gallon. Natural gas fell 2.7 cents to $4.133 per 1,000 cubic feet. In London, Brent crude was up 18 cents at $84.90 on the ICE futures exchange.
