Oil prices stay above US$72 a barrel as market awaits weekly report

08-Aug-07
Light, sweet crude for September delivery dipped to US$72.20 a barrel in Asian electronic trading on the New York Mercantile Exchange, midmorning in Singapore. September Brent crude fell 38 cents to $71.42 a barrel on the ICE futures exchange in London. The market has witnessed this dip as it awaits release of a U.S. government fuel stocks report expected to show a rise in gasoline as well as crude oil inventories last week along with increases in both refinery activity and gasoline supplies. Several weeks of growing gasoline supplies and refinery activity have restricted some supply concerns, sending gas futures and retail prices sharply lower. That trend is expected to continue. expected to have gained 1.8 million barrels.
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