Oil Edges Up On Increased US Stockpile

Oil edges up on increased US stockpile

SINGAPORE, (UrduPoint / Pakistan Point News - 21st july,2016) - Oil prices edged up in Asia Thursday following US data showing a drop in crude inventories, a sign of a tightening supply market. Crude stockpiles fell by 2.3 million barrels last week -- the ninth week in a row -- data from the US Department of Energy showed.

This helped offset a surprise rise in gasoline inventories over the summer -- traditionally the peak demand season for motor fuel. At about 0330 GMT, US benchmark West Texas Intermediate was up 10 cents, or 0.22 percent, to $45.85, while North Sea Brent crude was up 16 cents, or 0.34 percent, to $47.33.