Crude Oil Prices Rise After a decline in US gasoline

PT Equityworld - Crude oil prices rose in late trade on Friday morning (10/02) after a surprise drop in US gasoline inventories showed a high demand in the world's biggest oil market.

PT Equityworld  | US crude futures rose 66 cents, or 1.3 percent, $ 53 per barrel.

Brent crude oil futures prices rose 51 cents per barrel, or 0.9 percent, to $ 55.63 a barrel at 14:33 ET (1933 GMT).

The Energy Information Administration (EIA) said on Wednesday that US gasoline inventories fell 869,000 barrels last week to 256.2 million barrels, compared with analyst expectations for a rise of 1.1 million barrels.

Gasoline inventories showed a decrease in US consumption is stronger than expected, and might be healthy enough to support current prices when most of the fuel market oil filled with very well. US gasoline prices rose about 1 percent on Tuesday.

But the supply of crude oil jumped means that the fuel market remains under pressure.

The EIA report also said that the US commercial crude oil inventories rose 13.8 million barrels to 508.6 million barrels.

US bank Goldman Sachs said high fuel inventories and increased production of crude oil means the oil market will be available for some time, but they will gradually drain.

"We do not see the advantages of the US was recently built as derailing our forecast for a gradual decline in inventories, the actual worldwide are already showing signs of tightening," the bank said in a note to clients.

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