Oil over $75 a barrel

Crude oil traded little changed, near a four-week high, on speculation a US government report will show refiners are struggling to raise output.

The Energy Department report tomorrow will probably show US gasoline supplies, near their lowest in two years, fell for a fifth week as refinery operations remained little changed, according to analysts. Crude oil closed yesterday at its highest in a month, following gains by US stock markets.

Crude oil for October delivery was $75.12 a barrel, up 4 cents, on the New York Mercantile Exchange at 11:04 am in London, after advancing earlier to a four-week intraday high of $75.30 a barrel. The contract closed up $1.04 at $75.08 a barrel yesterday, the highest since August 3 and a 1.4 per cent gain from August 31.

Brent crude for October settlement was $73.96 a barrel, up 2 cents, at 11:05 am on London's ICE Futures exchange. Yesterday, it rose to $73.92 a barrel, the highest close since August 3.

"There's no global shortage of crude oil, but the same old drum is beating that there's a problem with refining capacity in the US,'' said Rob Laughlin, a senior broker at MF Global in London. The need to replenish gasoline stockpiles had left heating-oil supplies "perilously low'', he said.