Tokyo: Oil prices rose on Monday as investors focused on tight market conditions after data late last week showed U.S. crude inventories fell to their lowest in more than three years.
Global benchmark Brent had climbed 49 cents, or 0.6 percent, to $77.60 a barrel by 0635 GMT. U.S. crude futures added 34 cents, or 0.5 percent, to $74.14.Official data that came out on Thursday, a day later than normal due to the July 4 public holiday, showed inventories at Cushing, the delivery point for U.S. crude futures, fell to their lowest in 3-1/2 years.
"Cushing is clearly screaming out for crude, with the prompt few months more than $2 backwardated," said Virendra Chauhan, an analyst at Energy Aspects in Singapore. Backwardation refers to a market situation that suggests tightness as prices for immediate delivery are higher than those for later dispatch.
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