Reply #4: Oil prices rising after steep fall [View All]

[ozymandius]

Oil prices moved higher Thursday as buyers moved back into the market a day after a report showed U.S. stockpiles of oil and fuel were larger than expected.

Light, sweet crude for August delivery was up 50 cents to $135.05 a barrel in electronic trading on the New York Mercantile Exchange by midday in Europe.

In London, Brent crude futures rose $1.08 to $135.41 a barrel on the ICE Futures exchange.

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Wednesday's inventory report was taken as evidence that soaring gasoline prices have crimped demand in the U.S., the world's biggest energy consumer. Crude oil stocks rose slightly last week, the U.S. Energy Department's Energy Information Administration said. Analysts surveyed by research firm Platts had expected a 1.7 million barrel decline.

Gasoline supplies fell less than expected. And inventories of distillates, which include diesel fuel and heating oil, rose much more than expected.

http://news.yahoo.com/s/ap/oil_prices