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Oil rises in Asia on falling US gasoline supplies
Posted on Aug 21 2008 2:59 AM by
adeal
Filed Under:
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Oil prices rose Thursday in Asia above $116 a barrel as investors mulled a fall in U.S. gasoline inventories and a possible output tightening by OPEC at its next meeting in September. Light, sweet crude for October delivery was up 83 cents at $116.39 a barrel in electronic trading on the New York Mercantile Exchange by midday in Singapore. The contract rose $1.01 overnight to settle at $115.56 a barrel.
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