Oil prices rise in Asia after US crude stocks lower

SINGAPORE: World oil prices rose in Asian trade on Thursday after a US government report showed American crude reserves sank for the fourth week in a row. New York's main oil futures contract, light sweet crude for July delivery, was 57 cents higher at 136.95 dollars a barrel.

The contract had jumped 5.07 dollars to close at 136.38 dollars per barrel on the New York Mercantile Exchange Wednesday, after spiking as high as 136.80. New York's benchmark contract surged to an all-time high of 139.12 dollars last Friday, when it reached a record-breaking 10.75 dollars in one day's trade.

Brent North Sea crude for July delivery rallied 4.00 dollars to settle at 135.02 dollars on Wednesday in London. The contract hit a historic peak of 138.12 last week.

The latest price rises came after the US government's Energy Information Administration (EIA) announced in its weekly report that American crude stockpiles dived 4.6 million barrels in the week ending June 6.

That was far heavier than market expectations for a drop of 1.5 million barrels and marked the fourth straight weekly fall.

Oil prices have surged since breaking through the 100-dollar level at the start of the year, and some bullish analysts say prices could hit 150 dollars soon.

The record-high prices have stoked fears for the global economy and led to sometimes violent protests by truckers in Europe, and unrest in India as well.