LONDON, Aug 14: World oil prices extended gains on Thursday after data showing an unexpectedly sharp decline in US motor fuel reserves during the peak demand season, analysts said.
New York’s main contract, light sweet crude for September delivery, gained 13 cents to $116.13 per barrel. It had rallied $2.99 on Wednesday.
London’s Brent North Sea crude for September delivery rose 30 cents to $113.77 on Thursday after adding $2.32 the previous day. Prices have rebounded strongly since hitting a four-month low point near $110 in London on Tuesday. US reserves of petrol, or gasoline, had fallen by 6.4 million barrels in the week ended Aug 8.—AFP
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