Business And Financial

Oil prices fell again in Asian trade Thursday as concerns over rising gasoline reserves and U.S. employment data are much weaker than expected, analysts said.

New York’s main contract, crude for light sweet August delivery fell 77 cents to 74.86 dollars per barrel position, as quoted from the AFP. Meanwhile, crude Brent North Sea “is also shipping in August fell 50 cents to 74.51 dollars per barrel. Both contracts closed lower on Wednesday as investors reacted to an unexpected increase in U.S. gasoline reserves and also the report showing that U.S. private sector to create jobs in June less than those predicted. U.S. Department of Energy (DoE) said Wednesday that gasoline reserves rose by 500,000 barrels in the week ended June 20, while the analysts predict decline 400,000 barrels.The increase in inventory appears as an indication of weakening demand and also the weekly U.S. energy report which is awaited because the Americans are the world’s largest oil consumer.

U.S. gasoline inventory data is awaited at the moment, with the U.S. summer vacation period contributed to the increase for motor vehicle fuels. Analysts from the Commonwealth Bank of Australia also said that oil demand seems far from the strong current. “U.S. oil demand has recovered but the recovery in oil demand was moderate and uncertain,” the bank said in a market comment.