On reports of the U.S. government data indicating a large drop in gasoline supplies, as demand in the U.S. is almost 2% higher than last year, coupled with no letdown in the Israeli-Hezbollah fighting, oil prices saw a marginal rise on Wednesday. Light sweet crude for September delivery rose to US$73.94 on the New York Mercantile Exchange, and at London's ICE Futures exchange, September Brent rose to settle at US$74 a barrel.
The recent yo-yoing in oil prices in the past few days can be largely attributed to concerns about the Middle East violence vs the possibility of a cease-fire.
27-Jul-06 
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