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 Friday, 06 July 2007 Search for:  
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Markets

 Posted to the web on: 06 July 2007

 Oil Report 

 OIL and petrol prices wavered as traders sought direction yesterday from a US government report showing unexpectedly large increases in petrol and crude oil inventories and a lower-than-expected rise in refinery utilisation rates.

 "Refinery runs failed to increase as much as … the industry thought," said Jim Ritterbusch, of Ritterbusch & Associates in Galena, Illinois.

 Light, sweet crude for August delivery fell 6c to $71,35 a barrel on the New York Mercantile Exchange after fluctuating in earlier trading. August Brent crude rose 90c to $73,95 a barrel on the ICE futures exchange in London.

 Gas and oil prices have rallied in recent months on concerns the US refining industry is not keeping pace with consumer demand for gas. The spring saw an unusual number of refinery outages, stoking those concerns.

 While oil inventories have risen behind a bottleneck of temporarily shuttered refineries, gasoline supplies have fallen. Prices of both have jumped, as oil has traded higher in sympathy with gasoline futures, analysts say. Sapa-AP

 
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