Oil prices rise before US stockpiles data

AFP – Wed, Jul 25, 2012

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Global crude prices rose slightly on Wednesday as traders looked ahead to the latest weekly snapshot of energy inventory levels in the United States, the world's biggest consumer of oil.

Brent North Sea crude for delivery in September climbed 28 cents to $103.70 a barrel approaching midday in London.

New York's main contract, light sweet crude for September, gained 18 cents to $88.68 a barrel.

Dealers were awaiting the US Department of Energy's latest inventory data due to be published at 1430 GMT for an indication of energy demand in the world's biggest economy.

World oil prices rebounded a little Tuesday on encouraging Chinese manufacturing data. They had plunged by more than $3.50 on Monday as eurozone debt strains, centered on Spain, spelled weaker demand for the commodity.

The oil market hit two-month highs last week as traders worried that rising tensions in the crude-rich Middle East -- particularly in Iran and Syria -- would hamper supplies.

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