29 October,2009 10:00 AM IST | | AFP
Oil fell further in Asian trade on Thursday as a surprise rise in US gasoline stocks weighed on sentiment, analysts said.
New York's main contract, light sweet crude for December delivery fell 26 cents to $77.20 a barrel. Brent North Sea crude for December delivery eased 25 cents to $75.61 a barrel.
The Department of Energy (DoE) in its weekly report yesterday said petrol reserves rose by 1.7 million barrels in the week ending October 23.
Analysts had been expecting a drop of 1.2 million barrels and the surprise rise in stock was seen as a further sign of sluggish demand in the world's biggest energy consumer.
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"US economic data again included some positives and negatives... In the context of commodity markets that have been looking at the prospects for international economic recovery, it was the negatives that were the surprise," analysts from the Commonwealth Bank of Australia said in a report.
The DoE said distillates stocks, which include diesel and heating oil, slumped 2.1 million barrels, which was heavier than analysts' consensus forecasts. It said crude reserves climbed by 800,000 barrels, which undershot expectations of a 1.4-million-barrel gain.
