AFP, Singapore :
Oil prices rose in Asia Thursday after a decline in US petroleum stockpiles and production boosted hopes of an easing in the global supply glut, analysts said.
US benchmark West Texas Intermediate (WTI) for July delivery rose 22 cents to $59.20 while Brent crude for July gained 32 cents to $65.35 in afternoon trade.
WTI jumped 99 cents and Brent climbed $1.01 on Wednesday after the latest official US crude stockpiles report, rebounding from sharp falls a day earlier on worries about excess supply and a rise in the dollar.
“Crude oil bounced back a bit after US stockpiles fell more than expected, causing some to think that oversupply may be easing for the moment,” said Nicholas Teo, market analyst at CMC Markets in Singapore.
The US Department of Energy said supplies of commercial crude, excluding strategic petroleum reserves, fell 2.7 million barrels in the week ending May 15, more than the 1.75 million-barrel decline projected by Bloomberg News.
Daily production dropped 112,000 barrels a day to 9.26 million barrels a day, after a 5,000-barrel increase in the previous week.
Dealers have been hoping that a slowdown in US output could help ease the build-up of global crude reserves, which was a key reason for the collapse in prices of more than 50 percent between June and January.
Teo said that “with no new leads expected to come from the supply nor demand picture, a further push for crude may come from the volatility of the US dollar”.
Oil prices rose in Asia Thursday after a decline in US petroleum stockpiles and production boosted hopes of an easing in the global supply glut, analysts said.
US benchmark West Texas Intermediate (WTI) for July delivery rose 22 cents to $59.20 while Brent crude for July gained 32 cents to $65.35 in afternoon trade.
WTI jumped 99 cents and Brent climbed $1.01 on Wednesday after the latest official US crude stockpiles report, rebounding from sharp falls a day earlier on worries about excess supply and a rise in the dollar.
“Crude oil bounced back a bit after US stockpiles fell more than expected, causing some to think that oversupply may be easing for the moment,” said Nicholas Teo, market analyst at CMC Markets in Singapore.
The US Department of Energy said supplies of commercial crude, excluding strategic petroleum reserves, fell 2.7 million barrels in the week ending May 15, more than the 1.75 million-barrel decline projected by Bloomberg News.
Daily production dropped 112,000 barrels a day to 9.26 million barrels a day, after a 5,000-barrel increase in the previous week.
Dealers have been hoping that a slowdown in US output could help ease the build-up of global crude reserves, which was a key reason for the collapse in prices of more than 50 percent between June and January.
Teo said that “with no new leads expected to come from the supply nor demand picture, a further push for crude may come from the volatility of the US dollar”.
