Tuesday, August 1,
Oil prices rose on Tuesday, boosted by strong demand for fuel in the United States and falling US oil inventories.
France's BNP Paribas said that "US demand for gasoline has increased to record highs last year and US stocks, particularly in the East Coast, have fallen by 10 percent from their high levels in late March to 483.4 million barrels" .
US $ 50.32 was up 15 cents, or 0.28 percent, from the closing price. Brent crude futures were up $ 52.85 a barrel, up 13 cents or 0.25 percent.
Despite the decline in US stockpiles, there are signs that global oil markets will continue to have abundant supplies, curbing further price increases.