Oil prices ease in Asia
Friday, 20 July 2007
SINGAPORE, July 19 (AFP): Oil prices were easier in Asian trade today after sharp gain overnight following an unexpected decline in US gasoline (petrol) inventories, dealers said.
New York's main contract, light sweet crude for August delivery, dipped four cents to 75.01 dollars a barrel from 75.05 dollars in late US trades Wednesday.
Brent North Sea crude for September was down nine cents to 76.67 dollars.
The August Brent contract had struck 78.40 dollars Monday, within sight of of its all-time high of 78.64.
US gasoline inventories fell 2.3 million barrels in the week ended July 13 to 203.3 million barrels, leaving them 4.5 per cent below their year earlier levels and compared with analyst forecasts for a rise of 700,000 barrels.
Gasoline stockpiles have been a focus for the market because of high demand during the summer holidays when Americans take to the roads for their holidays.
New York's main contract, light sweet crude for August delivery, dipped four cents to 75.01 dollars a barrel from 75.05 dollars in late US trades Wednesday.
Brent North Sea crude for September was down nine cents to 76.67 dollars.
The August Brent contract had struck 78.40 dollars Monday, within sight of of its all-time high of 78.64.
US gasoline inventories fell 2.3 million barrels in the week ended July 13 to 203.3 million barrels, leaving them 4.5 per cent below their year earlier levels and compared with analyst forecasts for a rise of 700,000 barrels.
Gasoline stockpiles have been a focus for the market because of high demand during the summer holidays when Americans take to the roads for their holidays.