February 20, 2003	Thursday	Zul Hijjah 18, 1423

LONDON, Feb 19: IPE Brent crude oil futures recovered some of its losses on Wednesday as dealers anticipate lower oil inventories data from delayed weekly US data, while keeping an eye on the debate over a possible war on Iraq.

By 1803 GMT, IPE April Brent crude oil futures were 18 cents lower at $32.36 a barrel, recovering nearly 20 cents from earlier in the session. Volume picked up after the opening of the US market, with 24,500 lots traded.

Gas oil futures closed $4.50 higher at $301 a ton.

“There’s some short covering ahead of the stock data tomorrow. We expect some bullish figures,” said one trader.

US stocks data were delayed until Thursday after Monday’s Presidents’ Day holiday. The market is also gearing up for Thursday’s US March NYMEX contract expiry, with a gap of more than a dollar to fill between the March and April futures.—Reuters