Oil price surge in Asia
Oil prices for July delivery of Brent oil advanced 13 cents to $112.43 on Thursday after the anticipated increase in U.S. Stockpile did not materialized.
New York's main contract, light sweet crude for June delivery also gained 13 cebts to close at $100.23 a barrel.
On Wednesday, the U.S. Department of Energy released its weekly report which showed that the U.S. crude stockpile remained unchanged and did not rise as was expected during the week ending May 13,
Analysts said the stockpiles steading last week and failed to meet the forecasted 700,000 barrels increase.
Ker Chung Yang, a Singapore-based commodity analyst at Phillip Futures told the AFP, "This was one key reason why crude oil prices was performing impressively. Crude oil prices will likely hang around the $100 level for quite some time unless there is a strong impetus to bring it down."
Movements in oil prices are influenced by U.S. stockpiles as Washington remains the world's biggest il consumer.
More from IBT Markets:
Subscribe to get this delivered to your inbox daily
Follow us on Twitter.
Follow us on Facebook.