Oil prices hovered just above $69 a barrel Thursday in Asia amid mixed signals about crude demand from a weekly U.S. inventory report, according to AP. Benchmark crude for August delivery rose 38 cents to $69.05 a barrel by late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. On Wednesday, it lost 57 cents to settle at $68.67. Crude prices have fallen from an eight-month high near $73 earlier this month on investor doubts that demand in a weak U.S. economy may not justify the stock and commodity rally since March. The Energy Department's Energy Information Administration reported Wednesday that U.S. oil supplies dropped more than expected last week, falling 3.8 million barrels, or 1.1 percent. However, gasoline in storage swelled 3.9 million barrels, which was more than expected, to 208.9 million barrels. In other Nymex trading, gasoline for July delivery rose 0.75 cent to $1.85 a gallon and heating oil gained 0.73 cent to $1.75. Natural gas for July delivery climbed to $3.77 per 1,000 cubic feet. In London, Brent prices rose 44 cents to $68.78 a barrel on the ICE Futures exchange.
