Oil up after US reports surprise crude fall in crude stocks |
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Thu, 31 May 2007 16:21
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LONDON (Thomson Financial) - Oil edged up after the US reported a surprise fall in crude stocks and confirmed gasoline inventories are still at low levels.The Energy Information Administration's weekly snapshot of fuel inventories in the world's top consumer showed crude stocks fell by 2 mln barrels in the week to May 25. Analysts had expected a 1.1 mln barrel rise.'What's supportive is the draw in crude,' said Antoine Halff, analyst at Fimat. He explained a drop in crude oil imports triggered the fall in stocks.Gasoline inventories rose by 1.3 mln barrels, largely in line with market expectations of a 1.1 mln barrel gain.At 3.58 pm in London, benchmark Brent crude contracts for July delivery were up 10 cents at 67.95 usd per barrel.Meanwhile, New York crude contracts for July delivery were up 37 cents at 63.86 usd a barrel.'The build in products is quite low, so that leaves gasoline stocks well below normal,' said Halff. The report is have ry supportive. It continues to make for very bullish fundamentals.'Oil had been lower for most of the session earlier, mainly on speculation the report would show stocks in all categories of the fuel report would rise.anealla.safdar@thomson.comas/ssCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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US gasoline stocks fall more than expected - EIA 