Oil added to the more than $ 108 a barrel Monday gains three weeks of U.S. crude oil inventories fell and crude oil futures market speculation capital into rush support.
Benchmark crude for September delivery futures rose 34 cents to $ 108.21 a barrel late afternoon Bangkok time electronic trading on the New York Mercantile Exchange. Now expired August contract closed up 1% on Friday intraday high at $ 109.32 $ 108.05 earlier in the day.
Meanwhile, U.S. motorists are ready to further increase the pump price in the summer, only in the past week, the national average price rose 12 cents.
U.S. crude and gasoline inventories fell sharply, from 21 June contributed 15%, also known as West Texas Intermediate crude oil on the New York Mercantile Exchange benchmark. Some analysts say speculators to push up prices.
Schork Group, an energy analyst said, not contracts the number of outstanding futures contracts, is at record levels, Wall Street investors, such as hedge funds and commodity pool operators involved. They said in a report, Wall Street now has more than six times barrels of WTI crude oil futures market is sitting in Cushing, Oklahoma delivery of the New York Mercantile Exchange, crude oil terminal.
Benchmark crude hop has been so sharp, has closed the majority of transactions on the London ICE Futures Exchange, Brent crude discounts. Brent crude rose 39 cents to $ 108.38 a barrel.
In other Nymex energy futures trading:
- Wholesale gasoline rose 1.5 cents to $ 3.073 a gallon.
- Heating oil rose 0.9 cents to $ 3.10 a gallon.
- Natural gas fell 4.6 cents to $ 3.743 per 1,000 cubic feet.