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The oil pricing continuously going higher nearly 71 US dollars, while the US gasoline falls down continuously as well as the crude stocks in Cushing Oklahoma, the main point of delivery in New York contract.
The US government weekly report has been guarded by the traders as release in Wednesday showing the refinery rate pickup, the stocks of gasoline decrease unexpectedly and the crude inventory of oil in Cushing is already eased.
According to Tom Hartman, "We're seeing a bit of follow through from Wednesday's inventory reports."
The inventory of US gasoline will focus after the series of refinery outage left by the world’s largest consumer with the lower rate of motor fuel stockpiles in its average, when the peak of summer driving demands will be on progress.
The Brent crude contract benchmark will be up to 63 cents at 71.15 US dollars per barrel, having hit the intraday high of 71.60. the crude contracts for August in New York will be up to 79 cents at 70.36 US dollar per barrel in delivery, struck high of 70.75 in the earlier session.
As the traders locked in profits the prices came off high.
According to Any Lebow, he is a trader in Man Financial in New York “We've seen some profit-taking ahead of the end of the quarter."
Prediction of some analyst in oil trade will be narrow next week, because many US traders are on vacation.
Drain Bingham-Walker, he is a trader in CMC Markets "It's going to be a rather thin week ahead, with so many people off on holiday, so we don't see much to pull the price down."
Gaining at 4% in Brent prices started on the beginning of the month.
14:36
Posted on Jun-29-2007
