LONDON, July 25: World oil prices nudged higher on Wednesday following two days of losses despite an announcement by the US government that US stockpiles of gasoline had surged last week.

In London, Brent North Sea crude for September delivery rose four cents to $75.12 per barrel.

New York’s main oil futures contract, light sweet crude for delivery in September, gained 11 cents to $73.67 per barrel.

“The build in gasoline stocks was the most significant surprise,” said Citigroup analyst Tim Evans.

The US Department of Energy said that gasoline, or petrol, stocks grew by 800,000 barrels in the week that ended July 20. Analysts had expected the data to reveal a drop of 125,000 barrels owing to high demand for motor fuel as Americans take their summer holidays.

Also occupying the market’s attention was news of further unrest in Nigeria’s oil-rich Niger Delta region.

Crude oil prices had meanwhile fallen sharply on Tuesday, retreating further from near record peaks amid an improved outlook for energy supplies.

This week, the price of oil has sunk in the wake of news on Sunday that Opec could raise its crude output to prevent skyrocketing prices.

“Comments by Opec members over the past few days indicating that the group would raise production levels if necessary helped soothe market concerns over future supply availability, weighing on prices,” Barclays Capital analysts said.

“We would argue, however, that there is nothing in those remarks to suggest an imminent change in Opec policy.”—AFP