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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: oilbabe who wrote (46502)	6/16/1999 9:18:00 AM
From: Tomas	Respond to of 95453

Crude Oil Rises to 17-Month High on Gasoline Demand - Bloomberg London, June 16 (Bloomberg) -- Crude oil rose to a 17-month high after a report showed U.S. gasoline demand rose to its highest level in four weeks, bolstering expectations refineries will need to process more oil to replenish fuel supplies. Gasoline inventories last week fell by 1 percent as distributors bought 8.77 million barrels a day, 11 percent more than a week earlier, the American Petroleum Institute said. The rise in demand came during the second week of the driving season, when warm weather typically encourages motorists to travel. Gasoline demand had failed to reduce inventories in the previous three surveys, leaving ample supplies. ''This is the first report we've had this (driving) season where inventories have fallen,'' said Stuart Deferia, a broker with ADM Investor Services International Ltd. ''There's obviously demand out there for gasoline.'' Brent crude oil for August delivery rose as much as 32 cents, or 1.9 percent, to $17.20 a barrel on the International Petroleum Exchange in London. July crude oil on the New York Mercantile Exchange rose as much as 19 cents from yesterday's close to $18.74 a barrel in electronic trading. Gasoline demand last week matched the average daily use during last year's driving season. Supplies fell by a greater- than-expected 2.3 million barrels to 226.2 million barrels, leaving inventories 3 percent higher than a year ago. In last week's report, gasoline demand slumped to an eight- week low of 7.9 million barrels a day, raising concern consumption this summer won't be sufficient to prompt refiners to restart idled factories. Refiners have been shutting down units because weak fuel prices have either reduced or eliminated the profit made from processing oil. © Copyright 1999, Bloomberg L.P. All Rights Reserved. bloomberg.com