Oil prices lower on expectations of rise in US energy reserves
Afp, Singapore
Oil prices weakened in Asian trade Wednesday as the market waited for the weekly US energy report where expectations are for a further rise in petroleum reserves, dealers said. At 10:20 am (0220 GMT), New York's main contract, light sweet crude for August delivery, was down nine cents to 67.68 US dollars a barrel from its close of 67.77 dollars in late US trades Tuesday. Brent North Sea crude for August eased seven cents to 70.10 dollars. "People are expecting an increase in inventory so traders are taking profits," said Tetsu Emori, chief commodities strategist with Mitsui Bussan Futures in Tokyo. "For crude oil and gasoline (petrol), they are expecting a rise," he said. The US Department of Energy (DoE) is due to release its weekly report later Wednesday with crude and gasoline reserves the main items closely watched by the market. Gasoline reserves are in focus amid the current US summer driving season where demand typically peaks with many Americans taking to the roads for their vacation.
| 
