Oil prices increase slightly before US inventory data

New York's main contract, light sweet crude for delivery in October, rose 33 cents to US$75 a barrel.

Brent North Sea crude for October gained six cents to US$78.23 a barrel.

Later on Thursday, investors will pore over the U.S. Department of Energy's weekly report on energy inventories for clues on U.S. oil demand.

Ahead of the report, the OPEC oil cartel held steady its forecast for world oil demand growth this year and in 2011, but warned on Thursday that prevailing economic uncertainty made forecasting difficult.

Subscribe to The China Post and save 25%. Click here

SharePrintEmail

Write a Comment

Terms

Enter your comments - 3000 characters max

Type in image code

Submit

 Receive China Post promos
 Respond to this email