Oil prices drop as US energy reserves climb
World oil prices fell on Thursday after official US government data revealed that American energy inventories jumped higher last week, traders said.
By Agencies |
LONDON: World oil prices fell on Thursday after official US government data revealed that American energy inventories jumped higher last week, traders said.
In London, the price of Brent North Sea crude for June delivery dipped eight cents to 68.03 dollars per barrel in electronic deals. The contract expires at the close.
New York's main oil futures contract, light sweet crude for delivery in June, shed 87 cents to 62.30 dollars per barrel in floor trading.
The US Department of Energy (DoE) said in a weekly update today that American gasoline or petrol reserves gained 1.7 million barrels to stand at 195.2 million barrels in the week ending May 11.
"The build in gasoline stocks was more than expected," said Citigroup analyst Tim Evans.
Market expectations had been for a rise of 1.0 million barrels, after an increase of 400,000 barrels the preceding week. Prior to that rise, the inventories had tumbled over the course of three months.
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