SINGAPORE (Commodity Online) : World oil prices eased marginally in Asian trade Wednesday mainly after reports of increase in US gasoline stockpiles.
Light sweet crude for July delivery was seen trading at $99.27 a barrel at 12.30 p.m Singapore time while Brent crude for August delivery, the more actively traded contract, was at $119.14 on the London-based ICE Futures Europe exchange.
However, Brent oil for July delivery climbed 74 cents, or 0.6 percent, to $120.90 a barrel.
Analysts also attributed black gold’s decline to continued crisis of euro zone, especially in Greece, which is likely to hit fuel demand.
US gasoline inventories rose by 1.1 million barrels last week, industry group American Petroleum Institute said, their sixth consecutive gain and in line with forecasts.
Gasoline stockpiles climbed 1.13 million barrels to 213.5 million barrels while crude stockpiles dropped to 363 million barrels, the lowest in seven weeks.
Meanwhile, the difference between front-month contracts in London and New York was at $21.60 a barrel Wednesday after hitting as high as $21.80 on Monday.
On Tuesday, oil prices rallied in nervous trade as the market welcomed encouraging US economic data and the differential between New York and Brent crude struck a record, analysts said.
New York's main contract, WTI light sweet crude for July, gained $2.07 to $99.37 a barrel. Brent North Sea crude for July jumped $1.06 to $120.16 in London.
