Oil above US$71pb

LONDON – Oil rose above US$71 (N$504) a barrel on Friday as investors focused on falling gasoline inventories in the top consumer the United States and a regional drop in crude stocks.

A US government report on Wednesday showed gasoline stocks fell 700 000 barrels last week and crude inventories at Cushing, Oklahoma, the delivery point for the US crude benchmark, dropped 1,4 million barrels. London Brent crude rose 80 cents to US$71,32 a barrel by 1110 GMT.US crude oil was up 69 cents at US$70,26 after reaching its highest settlement since August 2006.While nationwide US crude stocks rose by 1,6 million barrels to a nine-year high, the drop at Cushing has supported gains for US crude and helped narrow its discount to Brent to around US$1 a barrel.Nampa-ReutersLondon Brent crude rose 80 cents to US$71,32 a barrel by 1110 GMT.US crude oil was up 69 cents at US$70,26 after reaching its highest settlement since August 2006.While nationwide US crude stocks rose by 1,6 million barrels to a nine-year high, the drop at Cushing has supported gains for US crude and helped narrow its discount to Brent to around US$1 a barrel.Nampa-Reuters

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