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New York - Oil prices increased slightly on Wednesday although the United States of gloomy economic data and U.S. crude oil reserves jumped spectacular marking the weakening demand in the country's largest oil consumer in the world.

As reported by AFP, New York's main contract, light sweet crude for delivery in October, up 89 cents from the closing value of 72.52 dollars on Tuesday.

Brent North Sea crude oil, London, for October delivery rose 1.10 dollars to 73.48 dollars per barrel, after earlier falling to a seven-week lows last at 71.75 dollars.

U.S. Department of Energy, reported Wednesday that crude inventories jumped by 4.1 million barrels last week, more than analysts expected.

Stocks of gasoline or fuel oil rose 2.3 million barrels, distillates including diesel and heating fuel, rose 1.8 million barrels. Analysts had been expecting a smaller increase of 900 000 barrels.

The price increase was "very surprising considering that the Energy Department statistics really rough. We have built, not only in crude oil, but also in petrol and distillates," said analyst Andy Lipow of Lipow Oil Associates.
(ANTARA News)

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