Information Channel

Local Time: 8/9/2010 3:56:17 AM GMT Time: Wed, 8 Sep 2010 01:56:17

Oil hovers above 77 dollars in Asian trade (7/21/2010)

Oil rose slightly in Asian trade Wednesday as investors stayed on the sidelines ahead of a closely watched inventory report on US energy supplies, analysts said.

New York's main contract, light sweet crude for delivery in September, gained five cents to 77.63 dollars a barrel, while London's Brent North Sea crude for September was nine cents higher at 76.31 dollars. Investors were waiting for a weekly inventory report due Wednesday from the US Department of Energy, analysts said. "We're in sort of a holding pattern. Most people are waiting for the inventory report for their next move," said David Johnson, a Hong Kong-based oil analyst with Royal Bank of Scotland. Market sentiment was also cautious following mixed economic data and disappointing US corporate earnings reports, he told AFP. "There's nothing coming that people can latch on to that's proof that the world economy is getting better so prices are just slightly holding back," he told AFP.

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