World oil prices diverged today as investors booked profits following recent gains.
New York's main futures contract, light sweet crude for delivery in July, shed 44 cents to $77.23 a barrel. Brent North Sea crude for August delivery climbed 38 cents to $78.52 a barrel in London trade.
Oil prices had risen for a third day in a row yesterday, lifted by a surprise drop in US petrol inventories that stoked demand hopes for the world's biggest energy-consuming nation.
The US Department of Energy reported an unexpected rise in crude reserves, up 1.7 million barrels to 363.1 million barrels in the week ending June 11. The increase surprised most analysts, whose average forecast was for a decline of 1.3 million barrels.
But the bearish build-up of crude was offset by a surprise decline in petrol reserves, by 600,000 barrels to 218.3 million barrels, confounding expectations of a flat reading.
The market closely watches the levels of US petrol reserves during the peak months of the country's summer holiday driving season to gauge demand.
