| GEO Business | | Oil extends falls in Asia trade | Updated at: 0607 PST, Thursday, July 01, 2010
SINGAPORE: Oil fell further in Asian trade on Thursday as concerns lingered over rising gasoline stockpiles and weaker than expected US jobs data, analysts said.
New York's main contract, light sweet crude for August delivery dropped 77 cents to 74.86 dollars a barrel.
Brent North Sea crude, also for August delivery, fell 50 cents to 74.51 dollars.
Both contracts closed lower Wednesday as investors reacted to an unexpected jump in US gasoline stocks and a report showing the US private sector created less jobs than expected in June.
The US Department of Energy said Wednesday that gasoline stockpiles rose by 500,000 barrels in the week ending June 20, while analyst predictions had been for a fall of 400,000.
A rise in oil inventories is seen as a sign of weak demand and the weekly US energy report is widely watched because Americans are the world's biggest oil consumers. |  |
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