Oil touches the 78 USD pushed by falling U.S. crude stocks

Oil prices neared the $ 78 threshold on Wednesday, boosted by the announcement of a major lower-than-expected crude stocks in the U.S..
Around 1600 GMT, a barrel of North Sea Brent for August delivery traded at $ 77.44, up 79 cents on Tuesday's close.

At the same time, the West Texas Intermediate (WTI, designation of "light sweet crude traded in the U.S.) for July delivery rose 75 cents and stood at $ 77.90 on the New York Mercantile Exchange (Nymex).
After a break in the morning, oil prices continued on Wednesday with their progression in line with the increase of more than two dollars on Thursday.

Black gold prices were boosted by news that U.S. crude stocks fell for third consecutive week as announced by the Department of Energy (DoE).
Crude stocks fell 5.1 million barrels (mb) to 353.1 mb in the week ended July 9. Analysts surveyed by Dow Jones Newswires forecast a decline of only 1.2 mb.

By contrast, gasoline stocks rose 1.6 kb to 221.0 kb, where analysts expected to hold steady, held back a stronger rise of crude oil.
For analysts at Barclays Capital, the surplus stock that remains in the U.S. and Europe should decline rapidly, thanks to a progressive rapprochement between supply and demand.

Therefore, "the prices should go up," estimated, adding that the WTI in New York could reach $ 84 the smear in the third quarter and $ 87 in late 2010.