On Thursday, oil bounced by more than $1 as investors concentrated on heavy demand growth in Asia later selloff of 4 percent on the previous day sparked off a surprise rise in U.S. gasoline stockpiles.
Brent crude for June benefitted $1.33 to $113.90 a barrel near 0303 GMT; partially turning a shrill drop on Wednesday after the official information displayed the first gain in U.S. gasoline inventories from 12 weeks, activating a depression across fuel markets that knocked off more than $5 from previous month Brent. U.S. crude encouraged $1.40 to $99.61.
"In the United States they are more concerned about the unexpected rise in gasoline inventories and the sputtering economic recovery," stated Gordon Kwan who is heading energy research of Mirae Assets Securities in Hong Kong.
"But over in Asia we have a more bullish view. Even if we see weakening in Chinese industrial output, it is still very strong and we don't believe in a hard landing. Inflation has peaked, so we believe tightening policies will be done by the end of the third quarter. Oil demand will remain elevated in the run-up to the winter," he added.
Oil demand in China named as the world's second-largest crude oil consumer, accomplished its third-highest level on track record earlier month, however year-on-year growth slid to 8.8 percent later on six successive months of double-digit gains.
