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| Version 1 | Version 2 |
|---|---|
| Oil price climbs on rising demand | Oil price climbs on rising demand |
| (about 8 hours later) | |
| Oil prices have hit their highest level in almost a year as US stockpiles fall while demand from refineries rises. | Oil prices have hit their highest level in almost a year as US stockpiles fall while demand from refineries rises. |
| US light sweet crude climbed as much as 1.8% to $77.24 a barrel, while London Brent crude rose as high as $77.16. Both prices fell back later in trading. | |
| The rise came a day after a US Department of Energy report showed crude oil stockpiles had fallen while refineries had stepped up production. | The rise came a day after a US Department of Energy report showed crude oil stockpiles had fallen while refineries had stepped up production. |
| Refinery output has risen to counter recent shutdowns and meet high demand. | Refinery output has risen to counter recent shutdowns and meet high demand. |
| During the summer months, Americans tend to use more fuel as they take to their cars for the holidays. | During the summer months, Americans tend to use more fuel as they take to their cars for the holidays. |
| According to the weekly energy department report, crude oil stockpiles fell by 1.1 million barrels while utilisation of refineries grew by 0.7% to 91.7% as output moved up a gear. | According to the weekly energy department report, crude oil stockpiles fell by 1.1 million barrels while utilisation of refineries grew by 0.7% to 91.7% as output moved up a gear. |
| The rise in oil prices also marked the first time US light sweet crude has been higher than Brent crude since February. Traditionally US oil has traded at a premium to London Brent crude. | The rise in oil prices also marked the first time US light sweet crude has been higher than Brent crude since February. Traditionally US oil has traded at a premium to London Brent crude. |