Asian oil prices rise in Asian trading

Crude oil prices in Asian deals rose on Tuesday due to the euro's gains against the US dollar and confidence in the ability of the Greek Parliament to ratify an austerity plan. NYMEX crude for August delivery went up USD 0.50 reaching USD 91,11 per barrel (pb), almost offsetting most of its losses in the previous session. The Brent North Sea crude meanwhile put on USD 0.64 to hit USD 106,63 pb. US crude reserves decreased last week as a result of increasing demand from refineries. Futures had dropped by 0,6 percent by end of trade Monday reaching USD 90, 61 pb, which is the lowest closing since February 18, though 16 percent higher than last year. Crude prices rose yesterday by 0,9 percent. This comes ahead of government data later today which would reflect activity in the consumer confidence index in the United States, which is the highest international consumer of oil. US crude supplies fell as refineries hiked their gasoline production before the 4th of July holiday season. US reserves dropped 0,4 percent reaching 362.3 million barrels for the week ending June 24.