Crude oil has traded near the highest in a week
Oil prices crept higher above $US106 a barrel this morning after US gasoline stockpiles fell more than forecast which triggered supply concerns and kept buying conditions high. ``The Energy Department statistics surprised everyone,'' said Anthony Nunan, an assistant general manager for risk management at Mitsubishi Corp., in Tokyo. ``It was bullish across the board and a 2 percent cut in refinery runs potentially means a 10 percent gain in prices.''The market was also torn between economic worries and a weaker US dollar. Crude oil has traded near the highest in a week.
Geopolitical concerns have also supported oil prices as fighting between Shi’ite and Iraqi security forces continue in Basra. But the weak US dollar against rival currencies underpinned the long positions for crude. Oil was last seen trading near $105.85 8:30GMT.