Oil Steady on Gasoline Stoks Rose Twice

Oil prices were steady in Asian trading Thursday after a U.S. government report showed gasoline stocks rose nearly twice as much as expected last week.

The U.S. Energy Information Administration reported Wednesday that gasoline stocks grew 1.5 million barrels last week to 196.7 million barrels. Analysts had forecast a rise of about 800,000 barrels. Crude oil supplies rose 2 million barrels to 344.2 million barrels, just above the upper end of the average for this time of year. Analysts had predicted a fall of 200,000 barrels.

Light, sweet crude for July delivery gained 7 cents to $65.84 a barrel on the New York Mercantile Exchange mid-afternoon in Singapore, after falling 8 cents in earlier trade. The contract rose 26 cents to settle at $65.77 a barrel Wednesday.

Brent crude contract for July added 16 cents to $70.76 a barrel on the ICE Futures exchange in London.