Oil back above $62 in Asian trade
AFP, Singapore
Oil prices climbed back to near record highs above 62 dollars in Asian trade Wednesday ahead of US inventory data expected to show lower crude and gasoline stocks, dealers said. Expectations that stockpiles in the United States, the world's biggest consumer, will slip have added to concerns about tight supply, especially going into the northern hemisphere winter, they said. At 12:15 pm (0415 GMT), New York's main contract, light sweet crude for September delivery, was at 62.01 dollars a barrel, up 12 cents from its new record close of 61.89 dollars in the United States on Tuesday. On Monday the New York contract had struck a record intra-day high of 62.30 dollars, mainly on concerns about possible supply shortages owing to refinery disruptions in the United States and Europe. The US Department of Energy is scheduled to release its weekly data on crude and gasoline stocks on Wednesday amid market expectations of lower gasoline and crude stocks.
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