Global oil prices eased below $72 a barrel mark in Asian trade Thursday on reports of increase in US crude stockpiles. Light sweet crude for September delivery was seen trading at $71.39 a barrel at 12.00 noon Singapore time while Brent crude was at $74.85 a barrel on London’s ICE Futures Europe Exchange at the same time.

On Wednesday, September delivery gained 55 cents to settle at $71.97 a
barrel on the New York Mercantile Exchange and Brent prices settled
$75.27 a barrel on the ICE Futures exchange, the first time it’s closed
above $75 this year.
According to US Energy Department report released Wednesday,
bigger-than-estimated gain in crude stockpiles, pushing them to a
five-week high. Stockpiles climbed 1.67 million barrels to 349.5
million last week
U.S. refiners utilized 84.5 percent of their capacity last week, the
lowest in more than two months, the Energy Department said.
Gasoline inventories declined 218,000 barrels to 212.9 million last
week, the report showed. An 800,000-barrel drop was forecast, the
survey showed.
Crude prices had jumped from below $63 a barrel last week on investor
optimism the U.S. economy, the world’s biggest oil consumer, is
recovering from a severe recession.

Source: Commodity Online

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