Oil prices eased today after a snapshot of oil stocks showed petrol stockpiles rose more than expected in top consumer the United States at the height of the summer driving season.
The losses were tempered, however, by a simultaneous decline in US crude stocks along with weakness in the dollar denominated oil.
London Brent crude, seen as the best indicator of the global market, was down 33 cents at $76.07 a barrel this evening. It hit an 11-month high of $76.63 on Tuesday. U.S. crude was down 6 cents at $72.75.
The losses came after weekly data from the US Energy Information Administration showed a 1.2 million barrel increase in petrol inventories, beating analyst expectations of a 900,000 barrel build, as refineries boosted production.
