SINGAPORE, Aug 3 (Reuters) Oil hovered near 77 dollar a barrel on Friday, keeping in sight of this week's fresh record high after OPEC officials poured cold water on U.S. hopes for an output rise, reiterating that the world was not short of crude supplies.
U.S. oil was unchanged at .86 a barrel by 0256 GMT after rising 33 cents on Thursday. Prices touched an all-time high of .77 on Wednesday, but sharply retreated on signs of improved U.S.
refinery operations.
London Brent dipped 1 cent after gaining 41 cents.
OPEC officials reiterated on Thursday their resistance to raising production with U.S. crude stocks still well above historical norms, despite fears by analysts and U.S. officials that higher refinery runs will quickly deplete inventories.
''People are concerned about overall crude and product stocks globally, as demand's still strong. Plus there are funds buying, keeping prices bullish,'' said Gerard Rigby, an analyst from Fuel First Consulting in Sydney.
Qatar Oil Minister Abdullah al-Attiyah said OPEC can do nothing about high oil prices as there was no crude oil shortage in the market.
His comments echoed those of an OPEC delegate, who had said earlier that additional oil would not be needed in the fourth quarter, seeming to nix any hope that the group might relax its curbs when it meets in September.
U.S. Energy Secretary Sam Bodman this week called on OPEC to raise output in September, and said on Thursday that a barrel oil could affect the U.S. economy.
U.S. weekly crude stocks fell by an unexpectedly large 6.5 million barrels last week, according to government data, while gasoline and distillate stocks rose, surprising traders. S] The formation of Atlantic storms this week reminded traders of the approaching peak of the hurricane season, although the U.S.
government forecaster said a tropical wave in the eastern Caribbean was less likely to become a cyclone.
REUTERS RJ BD0845
U.S. oil was unchanged at .86 a barrel by 0256 GMT after rising 33 cents on Thursday. Prices touched an all-time high of .77 on Wednesday, but sharply retreated on signs of improved U.S.
refinery operations.
London Brent dipped 1 cent after gaining 41 cents.
OPEC officials reiterated on Thursday their resistance to raising production with U.S. crude stocks still well above historical norms, despite fears by analysts and U.S. officials that higher refinery runs will quickly deplete inventories.
''People are concerned about overall crude and product stocks globally, as demand's still strong. Plus there are funds buying, keeping prices bullish,'' said Gerard Rigby, an analyst from Fuel First Consulting in Sydney.
Qatar Oil Minister Abdullah al-Attiyah said OPEC can do nothing about high oil prices as there was no crude oil shortage in the market.
His comments echoed those of an OPEC delegate, who had said earlier that additional oil would not be needed in the fourth quarter, seeming to nix any hope that the group might relax its curbs when it meets in September.
U.S. Energy Secretary Sam Bodman this week called on OPEC to raise output in September, and said on Thursday that a barrel oil could affect the U.S. economy.
U.S. weekly crude stocks fell by an unexpectedly large 6.5 million barrels last week, according to government data, while gasoline and distillate stocks rose, surprising traders. S] The formation of Atlantic storms this week reminded traders of the approaching peak of the hurricane season, although the U.S.
government forecaster said a tropical wave in the eastern Caribbean was less likely to become a cyclone.
REUTERS RJ BD0845
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