The price of crude oil was modestly higher in Asian trade today ahead of the release of a widely monitored US government report on the country's energy reserves. New York's main contract, light sweet crude for September delivery rose 20 cents to USD 71.62 a barrel. Brent North Sea crude for September delivery was 28 cents stronger at USD 74.56. Both contracts had slipped overnight on profit-taking after sharp gains in recent sessions, boosted by hopes of a global economic recovery but expectations of a likely rise in US energy stocks capped sentiment, analysts said. Traders don't want to risk being long if stock reports will be bearish again, an analyst said.
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