17 June 2005, 09:48  Oil prices still above 56 usd in Asian trade

Oil prices climbed further in Asian trade as speculators continued their efforts to push the market towards record highs, dealers said. At 12.15 pm (0415 GMT), New York's main contract, light sweet crude for July delivery was up nine cents to 56.67 usd a barrel, edging closer to the all-time high of over 58 usd set in April. Oil prices jumped 1.01 usd to close to 56.58 in New York overnight after сontinued worries over refinery capacity in the United States and a fall in US crude stocks prompted strong buying interest. Dave Ernsberger, a director at energy information provider Platts in Singapore, said investors were snapping up oil futures to test if record price levels could be broken. The supply issue received some slightly negative data on Wednesday when the US Department of Energy said crude oil reserves fell 1.8 mln barrels to 339 mln in the week ending June 10. Gasoline reserves fell 900,000 barrels to 215.7 mln while distillates -- used for heating oil and diesel -- rose 2.5 mln barrels to 110.2 mln, the DoE said in its weekly snapshot. Some analysts pointed out that US inventories were still well above the upper end of the average range for this time of year and so should not really be pushing prices higher.

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