Global oil prices advanced above $81 a barrel mark in Asian trade Thursday as the greenback eased while US crude inventories fell.
Light sweet crude for December delivery was seen trading at $81.21 a barrel at 12.00 noon Singapore time while Brent crude was at $ 84.12 a barrel in London.
In other Nymex trading in December contracts, heating oil rose 2 cents to $2.27 a gallon and gasoline gained 2.6 cents to $2.18 a gallon. Natural gas fell 3.4 cents to $4 per 1,000 cubic feet.
The dollar weakened against the euro and the U.K. pound, which makes crude cheaper for investors with those currencies.
On Wednesday, US Energy Department said gasoline inventories slipped 2.66 million barrels to 207.7 million, the lowest level since the week ended Oct. 16, 2009.
Stockpiles of distillate fuel, a category that includes heating oil and diesel, fell 1.11 million barrels to 158.8 million. They were forecast to decline 2 million barrels.
Crude imports tumbled 2.8 percent to 7.86 million barrels a day, the lowest level since December while gasoline imports in the week were at 562,000 barrels a day, the report showed. That s the lowest since January 2004.
Oil has fallen from $88 last week on concerns that measures by Chinese policymakers to contain inflation will undermine economic growth and demand for crude.
China has led the world this year in fuel consumption growth as developed countries struggle to regain robust economic expansions after last year's recession.
On Wednesday, Light sweet crude for December delivery closed at $80.44 a barrel while Brent crude ended at $ 83.28 a barrel in London.
Light sweet crude for December delivery was seen trading at $81.21 a barrel at 12.00 noon Singapore time while Brent crude was at $ 84.12 a barrel in London.
In other Nymex trading in December contracts, heating oil rose 2 cents to $2.27 a gallon and gasoline gained 2.6 cents to $2.18 a gallon. Natural gas fell 3.4 cents to $4 per 1,000 cubic feet.
The dollar weakened against the euro and the U.K. pound, which makes crude cheaper for investors with those currencies.
On Wednesday, US Energy Department said gasoline inventories slipped 2.66 million barrels to 207.7 million, the lowest level since the week ended Oct. 16, 2009.
Stockpiles of distillate fuel, a category that includes heating oil and diesel, fell 1.11 million barrels to 158.8 million. They were forecast to decline 2 million barrels.
Crude imports tumbled 2.8 percent to 7.86 million barrels a day, the lowest level since December while gasoline imports in the week were at 562,000 barrels a day, the report showed. That s the lowest since January 2004.
Oil has fallen from $88 last week on concerns that measures by Chinese policymakers to contain inflation will undermine economic growth and demand for crude.
China has led the world this year in fuel consumption growth as developed countries struggle to regain robust economic expansions after last year's recession.
On Wednesday, Light sweet crude for December delivery closed at $80.44 a barrel while Brent crude ended at $ 83.28 a barrel in London.
