Oil nears $72 in Asian trade
Oil prices rose in Asian trade Thursday, getting a lift from a
bigger-than-expected drop in US crude reserves, analysts said. New
York’s main contract, light sweet crude for July delivery, gained 57
cents to $71.90. its highest in eight months. Brent North Sea crude for
July was 45 cents higher at 71.25 dollars.
The US Government said Wednesday that national crude reserves fell
4.4 million barrels in the week ending June 5, far more than the 700,000
barrels that the market was expecting.