Wednesday 17 August 2011

Brent crude rises, above $109 on US gasoline draw | Reuters

Brent crude rose on Wednesday, staying above $109 a barrel as a larger-than-expected drawdown in U.S gasoline stocks and positive U.S. economic data trumped concerns over the euro zone debt crisis.

A meeting between French and German leaders didn't result in any concrete measures to try and find a way out of Europe's sovereign debt problems, but better-than-expected U.S. industrial production numbers helped bolster sentiment.

Brent crude for October rose 55 cents to $109.68 by 0455 GMT. U.S. crude was up 78 cents at $87.41 a barrel, after slipping $1.23 on Tuesday to settle at $86.65.

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