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Home >> Business
UPDATED: 08:25, May 24, 2007
Crude prices rise on U.S. stockpile report
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Crude prices rose Wednesday as the U.S. gasoline stocks rising unexpectedly but still falling short of average levels.

The Energy Information Administration reported Wednesday that gasoline stocks grew by an average of 1.5 million barrels last week to 196.7 million barrels, still lower of the average for this time of year.

Crude oil supplies rose by 2 million barrels to 344.2 million barrels, just above the upper end of the average.

Distillate inventories, which include heating oil and diesel fuel, edged up 500,000 barrels to 120.3 million barrels, falling short of analysts' estimate of 900,000 barrels.

Light, sweet crude for July delivery rose 26 cents to 65.77 dollars a barrel on the New York Mercantile Exchange.

Brent crude for July delivery climbed 94 cents to 70.46 dollars a barrel on the ICE Futures exchange in London.

Source: Xinhua


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