on-year surplus despite recent weekly declines. Gasoline futures in New York dropped more than 9 cents a gallon Thursday to just under $1.57. "The perception is that because refiners operated at nearly 94 percent of capacity last week, if gasoline imports rise, gasoline supply worries for the summer would be eased," said Phil Flynn, analyst at Alaron Trading. Top world oil exporter Saudi Arabia has said it wants to help build world stockpiles up in time for an expected fourth-quarter surge in demand. The kingdom cut its official crude prices to European and U.S. customers this week to make its lower-quality oil more attractive to buyers. Prices for crude later this year are currently more expensive than near-term prices, encouraging refiners to buy store oil for later use. --More 2244 Local Time 1944 GMT
