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Oil prices rose slightly on Thursday, a day after slumping by about
$4 a barrel on easing supply and demand concerns.
New York’s main contract, light sweet crude
for September delivery, went up by 46 cents to $124.90 a barrel in
electronic deals.
Brent North Sea crude for September delivery
climbed 51 cents to $125.80 in early London trading.
Oil prices had tumbled on Wednesday after a
bigger-than-expected increase in US gasoline reserves amid weaker
demand in the United States, the world’s biggest consumer of
energy, traders said.
Crude futures were also weighed down as
Hurricane Dolly in the Gulf of Mexico veered away from offshore oil
installations.
The US Energy Information Administration said on
Wednesday that gasoline stockpiles had grown by 2.9 million barrels
in the week ending July 18, far outstripping analysts’ consensus
forecast for a gain of 200,000 barrels.
Gasoline consumption was 2.4 percent lower
compared to a year earlier as drivers faced sky-high gasoline prices
of $4.11 a gallon (3.78 liters) during a period when US demand for
motor fuel is traditionally at a peak.
-- AFP
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