🚀 go-pugleaf

Oil climbed above $71 a barrel on Thursday, nearing a nine-month high,
after OPEC's president reiterated the exporter group was pumping enough
crude to satisfy world markets. OPEC President Mohammed al-Hamli said
oil supplies were "sufficient currently" and there was no need for an
emergency meeting. 

Consumers have been urging the 12-member group to produce more oil to
lower prices. London Brent crude, currently seen as a better gauge of
the global market than US oil, was up 58 cents at $71.60 a barrel at
1528 GMT. US crude was up $1.15 at $67.11. "The market is reacting to
the OPEC President saying the cartel has no intention of raising
output," said Nauman Barakat, senior vice president at Macquarie Futures
USA. 

Prices rose earlier on headlines from the Middle East saying Turkish
troops had entered northern Iraq. Turkey's foreign ministry and military
denied Wednesday's report, but a source said troops had conducted a
limited raid across the mountainous border. Data showing US refiners
were struggling to boost summer gasoline production and Cyclone Gonu's
disruption of Omani oil and gas exports also kept Brent crude within
sight of late May's $71.80 high. Weekly US inventory data showing a
surprise drop in refinery utilisation rates last week added to gains,
overshadowing an unseasonally large 3.5 million barrel build in gasoline
stocks thanks to a surge in imports. 

With gasoline stocks still in a near 10-million-barrel deficit compared
to their normal levels and refiners utilisation falling to below 90 per
cent, the weakest early-June level in 15 years, traders remained anxious
over driving season supplies. "The fall in refinery runs ultimately
continues to stoke concerns over supply availability," wrote Harry
Tchilinguirian, senior oil market analyst at BNP Paribas Commodity
Derivatives. US winter heating oil stocks are 16 per cent below the
five-year average, noted Frederic Lasserre, head of commodities research
at Societe Generale Corporate and Investment Banking.