Business News

SINGAPORE, (APP/AFP) – Oil prices edged up
in Asia Thursday following US data showing a drop in crude
inventories, a sign of a tightening supply market.
Crude stockpiles fell by 2.3 million barrels last week —
the ninth week in a row — data from the US Department of Energy
showed.
This helped offset a surprise rise in gasoline inventories
over the summer — traditionally the peak demand season for motor
fuel.
At about 0330 GMT, US benchmark West Texas Intermediate was
up 10 cents, or 0.22 percent, to $45.85, while North Sea Brent crude
was up 16 cents, or 0.34 percent, to $47.33.