Oil prices rise to US$73

Oil prices, that steadied at lower levels in the previous session on slower than expected economic growth figures and profit-taking, have moved up marginally to US$73. Light, sweet crude for October delivery inched up to US$73.47 a barrel in Asian electronic trading on the New York Mercantile Exchange, early morning in Singapore. Concerns of the prospect of weakening demand after Q2 GDP in the U.S. rose at 4%, a rate lower than expectations. Jobless claims also rose unexpectedly last week to the highest level since spring. A slower economy usually indicates less demand for oil and gasoline. Wednesday saw gasoline and crude oil futures rise sharply, after the U.S. government reported unexpectedly large declines in inventories of both and an unexpected drop in refinery activity.
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