Crude prices rise on U.S. inventory data

08:35, June 04, 2010      

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Crude prices rose on Thursday as a U.S. government report showed inventories fell more than expected last week.

The U.S. Energy Information Administration said crude inventories fell by 1.9 million barrels last week, far more than expected of a 100,000-barrel dip.

Gasoline inventories fell 2.6 million barrels while, while distillates rose slightly more than expected, the report said.

Oil prices also rose on reports that the U.S. government may stop all new drilling in the Gulf of Mexico following the worst crude spill in American history.

Light, sweet crude for July delivery rose 1.75 U.S. dollars to settle at 74.61 dollars a barrel on the New York Mercantile Exchange.

In London, Brent crude for July delivery was up 1.66 dollars to settle at 75.41 dollars on the ICE futures exchange.

Source:Xinhua

(Editor:黄蓓蓓)

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