Oil price rises on high demand

Drop in gasoline and crude inventories reinforces investor concerns about summer fuel supplies.

SINGAPORE (Reuters) — Oil climbed further above $72 on Thursday after falls in U.S. crude and gasoline inventories underlined worries over summer fuel supplies in the world’s top consumer.

U.S. crude was up 27 cents at $72.46 a barrel, adding to gains of 27 cents on Wednesday. London Brent crude rose 39 cents to $71.80.

U.S. crude stocks fell a larger-than-expected 3.4 million barrels last week as imports slipped and refinery use rose, U.S. government figures showed on Wednesday.

Gasoline prices rose after inventories fell by 1 million barrels, countering analysts’ expectations of a small increase, amid strong demand ahead of the July 4 Independence Day holiday when travel is expected to be busier than ever.

Reuters