Oil Prices Increase on Falling U.S. Gas Inventories

NEW YORK, June 30 — Oil prices continued to climb on Thursday after government data showed U.S. gasoline inventories declined last week.

The Energy Information Administration (EIA) said on Wednesday in its weekly report that U.S. gasoline stockpiles erased 894,000 barrels in the week to June 23, compared with analysts’ expectations for a 583,000-barrel drop.

Meanwhile, a weaker dollar also spurred market appetite for the dollar-priced oil. The dollar index, which measures the greenback against six major peers, was down 0.43 percent at 95.594 in late trading on Thursday.

The West Texas Intermediate for August Delivery added USD0.19 to settle at USD 44.93 a barrel on the New York Mercantile Exchange, while Brent crude for August delivery gained USD0.11 to close at UsD47.42 a barrel on the London ICE Futures Exchange. (Xinhua)

(Source: PNA.gov.ph)