Oil prices rise after US inventory data

0 Comments | AFP, June, 2009

LONDON (AFP) — Oil prices rose slightly Wednesday, reversing earlier losses, as the US government reported mixed energy inventory data and the market tracked Iran's ongoing political crisis.

New York's main futures contract, light sweet crude for delivery in August, gained 20 cents to 69.44 dollars a barrel.

The price of London's Brent North Sea crude for August delivery gained 19 cents to 68.99 dollars a barrel.

The US Department of Energy on Wednesday said that its crude stockpiles dropped 3.8 million barrels in the week ending June 19. Analysts' consensus forecast had been for a fall of 1.3 million barrels, according to Dow Jones Newswires.

Inventories of gasoline, or petrol, jumped by 3.9 million barrels compared to expectations of a climb totalling one...

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