Oil prices down in Asian trade

AFP, SINGAPORE: Oil prices moved lower in Asia yesterday following a mixed US energy report that showed a huge decline in crude and gasoline reserves but record-high output levels, analysts said.
US benchmark West Texas Intermediate fell 28 cents to $61.15 while Brent eased 18 cents to $65.52 in afternoon trade.
The US Department of Energy’s (DoE) inventory report for the week to June 5 showed Wednesday that crude reserves fell 6.8 million barrels and gasoline supplies dropped 2.9 million barrels.
But output remained stubbornly high, adding 24,000 barrels to an average 9.61 million a day during the week, the highest on record.

Oil prices down in Asian trade

AFP, SINGAPORE: Oil prices moved lower in Asia yesterday following a mixed US energy report that showed a huge decline in crude and gasoline reserves but record-high output levels, analysts said. US benchmark West Texas Intermediate fell 28 cents to $61.15 while Brent eased 18 cents to $65.52 in afternoon trade. The US Department of Energys (DoE) inventory report for the week to June 5 showed Wednesday that crude reserves fell 6.8 million barrels and gasoline supplies dropped 2.9 million barrels. But output remained stubbornly high, adding 24,000 barrels to an average 9.61 million a day during the week, the highest on record.