Tokyo
Crude oil prices rose on Thursday after the U.S. Energy Department reported a ninth consecutive weekly drawdown of crude stocks, although a surprise build in gasoline supplies helped to cap the gains.
U.S. West Texas Intermediate crude for September delivery, the new front month contract from Thursday, was up 18 cents at $45.93 a barrel at 0042 GMT. The August contract expired on Wednesday after rising 29 cents, or 0.7 percent, to settle at $44.94 a barrel. Brent crude's front-month contract LCOc1 was up 22 cents at $47.39 a barrel. The contract for September delivery had gained 51 cents, or 1.1 percent, to $47.17 the previous day. "Many market participants had expected far larger crude stock draws during peak runs season in the United States. Clearly these expectations have not been met," Energy Aspects said in a note. U.S. crude inventories fell 2.3 million barrels in the week ending July 15, data from the U.S. Energy Information Administration showed.
Sheikh argued that the government should have maintained stable petroleum prices
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