Oil prices rise as traders mull lower gasoline stocks

0 Comments | AFP, August, 2008

NEW YORK (AFP) — Oil prices rose on Wednesday after a sharp spike the previous day as traders nervously mulled a larger-than-expected decline in US gasoline stocks.

Prices closed higher in edgy trade, wiping out declines experienced earlier in the day, as traders assessed a weekly US inventory report for clues on energy demand.

New York's main oil futures contract, light sweet crude for September delivery, closed up 1.11 dollars at 114.98 dollars a barrel.

In London, Brent North Sea crude for October delivery climbed 45 cents to settle up at 114.36 dollars.

The price action occurred after the US Department of Energy said reported that US crude oil stockpiles climbed 9.4 million barrels in the week ending August 15 -- analysts had forecast a much...