LONDON (AFP) — Oil prices rose slightly on Thursday, a day after slumping by about four dollars a barrel on easing supply and demand concerns.
New York's main contract, light sweet crude for September delivery, rose by 46 cents to 124.90 dollars a barrel in electronic deals.
Brent North Sea crude for September delivery climbed 51 cents to 125.80 dollars in early London trading.
Oil prices had tumbled on Wednesday after a bigger-than-expected increase in US gasoline reserves amid weaker demand in the United States, the world's biggest consumer of energy, traders said.
Crude futures were also weighed down as Hurricane Dolly in the Gulf of Mexico veered away from offshore oil installations.
The US Energy Information Administration said Wednesday that gasoline stockpiles had grown by 2.9 million barrels in the week ending July 18, far outstripping analysts' consensus forecast for a gain of 200,000 barrels.
Gasoline consumption was 2.4 percent lower compared to a year earlier as drivers faced sky-high gasoline prices of 4.11 dollars a gallon (3.78 litres) during a period when US demand for motor fuel is traditionally at a peak.
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