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Oil prices rise following fall in petrol stocks

Oil prices rise following fall in petrol stocks

Oil prices rose yesterday after a larger-than-expected decline in U.S. petrol stocks but gains were likely to be limited, analysts said.
New York's main oil futures contract, light sweet crude for October delivery, rose US$1.01 to US$116.57 a barrel.
The September contract expired at the close in New York Wednesday at US$114.98 a barrel.
Brent North Sea crude for October delivery was US$0.89 higher yesterday at US$115.25.
The increases followed the U.S. Department of Energy's report that crude oil stockpiles in the United States climbed 9.4 million barrels in the week ending August 15. Analysts had forecast a much smaller gain of 800,000 barrels.
The DoE said U.S. gasoline, or petrol, reserves slumped 6.2 million barrels last week, compared with market expectations for a drop of 2.4 million barrels.
"People are looking at the gasoline inventory drawdown," said Tetsu Emori, fund manager at Astmax asset management in Tokyo.
Gasoline stocks are closely watched at this time of year when American motorists are on the highways for their summer holidays, typically pushing up demand for gasoline.
But analysts say the overall demand for oil in the U.S., the world's biggest energy consumer, has fallen heavily and there are fears of slowing demand elsewhere.
World oil prices have tumbled sharply from record highs above US$147 set in July as economic stagnation dents global demand for energy.


Updated : 2021-08-01 12:17 GMT+08:00