New York crude oil futures hit a 10-month-high of US$70.52 yesterday
amid concern over supply, after stockpiles of gasoline and distillate fuels
shrank.
Light, sweet crude for August delivery gained 60 cents at US$69.57 a barrel
on the New York Mercantile Exchange, after hitting a 10-month-high of US$70.52.
Brent crude for August delivery fell 1 cent to US$70.52 a barrel on the ICE
Futures exchange in London.
US commercial crude oil inventories increased last week while stockpiles of
gasoline and distillate fuels shrank, the Energy Department reported Wednesday.
In the week ended June 22, the nation's gasoline supplies dropped by 700,000
barrels last week, defying analysts who had been expecting an increase of 1.1
million barrels.
Current levels of gasoline supplies are well below the lower end of average
for this time of year. Gasoline supplies are closely watched as the summer
driving peak is around the corner.
