Updated on
Summary
Oil recovered modestly in Asian trade after overnight falls in reaction to a bigger-than-expected rise in US gasoline reserves, analysts said. New York's main contract, light sweet crude for August delivery was 54 cents higher at 60.68 dollars a barrel. Brent North Sea crude for August delivery advanced 62 cents to 61.05 dollars. Crude prices are expected to remain under pressure in the immediate term due to worries about weak US energy demand, which has been further reinforced by the latest gasoline data, analysts said.
