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NEW YORK, Apr 7, (AFP): World oil prices gained slightly in Asian trading Thursday after a weekly snapshot of US energy inventories fell somewhat below market expectations, dealers said.
At 3:30 pm (0730 GMT), New York's main contract, light sweet crude for delivery in May, was up five cents to 55.90 dollars a barrel from 55.85 dollars in New York overnight. The contract fell 19 cents in New York trading.
The US Department of Energy reported Wednesday crude oil reserves rose 2.4 million barrels to 317.1 million in the week to April 1, just shy of the 2.5-million-barrel gain expected by financial markets.
The DoE report showed a drop in gasoline inventories of 2.1 million barrels to 212.3 million, in line with market forecasts.
Daniel Hynes, an energy analyst with ANZ Bank in Melbourne, said prices had drifted north as the data did not settle the question about whether supplies are adequate.
"The two conflicting data of rising crude stocks and falling gasoline stocks cancelled each other out, traders are still looking for direction," said Hynes.
Oil prices had eased earlier in the day after the report indicated that crude oil reserves, up 22.8 million barrels over the past eight weeks, are now at the high end of what is considered normal for this time of year.
"With the US inventory data release yesterday... I am expecting the price to be weaker," said Tetsu Emori, chief commodities strategist at Mitsui Bussan Futures in Tokyo.
"People are probably looking for the next new factors to emerge."
Data showing accelerating activity at US refineries also calmed initial worries of a gasoline shortage ahead of the northern hemisphere summer when people take to the roads for their vacations, dealers said.
US refineries operated at 93.7 percent of capacity last week, up from 91.1 percent the previous seven-day period. Refineries tend to undergo maintenance between February and April.
"On the bearish side, there is the fact that the (US) refineries are clearly back from maintenance," Societe Generale analyst Deborah White said in Paris.
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