Crude up $1/bbl on stronger euro, stock draw in US

16 June 2011 04:26  [Source: ICIS news]

SINGAPORE (ICIS)--Brent crude rose by more than $1/bbl (€0.71/bbl) in early trade in Asia on Thursday, on the back of a stronger-than-expected draw in US crude stocks and the recovering euro following the fall of the markets on Greek debt woes.

Crude futures fell sharply on Wednesday amid continued worries over European debt after eurozone finance ministers were unable to agree to a new aid package for Greece.

At 02:43 GMT, August Brent on London’s ICE futures exchange was trading at $114.55/bbl, up by $1.54/bbl from the previous close.

The contract settled down by $6.34/bbl at $113.01/bbl in the previous session, while July delivery expired and settled $3.06/bbl lower at $117.10/bbl.

Meanwhile, July NYMEX light sweet crude futures were trading at $95.49/bbl, up by $0.68/bbl from the previous close.

US crude oil stocks fell last week more than forecast for the second consecutive week, while gasoline stockpiles rose, US Energy Information Administration (EIA) data showed on Wednesday.

The EIA data showed domestic crude inventories falling by 3.41m barrels in the week ended June 10, more than double the forecast of 1.5m barrels.

($1 = €0.71)

By: Nurluqman Suratman

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