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.

AFP