Oil climbs on US stockpile decline
Friday, 4 June 2010
SINGAPORE, June 3 (Commodity Online): Global oil prices climbed near $74 a barrel in Asian trade Thursday mainly after reports of decline in US crude inventories.
Light sweet crude for July delivery was seen trading at $73.61 a barrel at 11.00 am Singapore time while Brent crude was at $ 74.45 a barrel in London.
US crude stockpiles fell a larger-than-expected 1.4 million barrels last week, an industry group said Wednesday. Oil traders awaited confirmation of the decline from government statistics due later Thursday.
The American Petroleum Institute said late Wednesday that US commercial crude stocks fell by 1.4 million barrels in the week to May 28, more than a 100,000-barrel draw projected by analysts polled by Reuters ahead of the release.
Light sweet crude for July delivery was seen trading at $73.61 a barrel at 11.00 am Singapore time while Brent crude was at $ 74.45 a barrel in London.
US crude stockpiles fell a larger-than-expected 1.4 million barrels last week, an industry group said Wednesday. Oil traders awaited confirmation of the decline from government statistics due later Thursday.
The American Petroleum Institute said late Wednesday that US commercial crude stocks fell by 1.4 million barrels in the week to May 28, more than a 100,000-barrel draw projected by analysts polled by Reuters ahead of the release.