Thursday, July 13 2006 11:16 Hrs (IST) - World Time -

London: World oil prices climbed slightly today (July 13, 2006) after official data showed US energy inventories had fallen more sharply than expected last week, analysts said.

Crude futures also climbed as world powers huddled in Paris to discuss the international standoff concerning major crude producer Iran, and as raders digested an International Energy Agency forecast for global oil demand.

New York's main contract, light sweet crude for delivery in August, gained 24 cents to 74.40 dollars per barrel in pit trading.

Brent North Sea crude for August delivery advanced 15 cents to 73.82 dollars per barrel in electronic deals.

Stockpiles of US crude and gasoline both fell last week, the Department of Energy said today.

The falls come amid the crucial holiday driving season, and while demand for gasoline, or petrol, is at record highs.

The weekly DoE inventories report showed crude oil reserves fell by six million barrels to 335.3 million over the week ended July 7.

Analysts had forecast a decline of just 1.3 million barrels.

Gasoline reserves, which are under heightened scrutiny because of peak US demand, showed a larger-than-forecast fall of 400,000 barrels to 212.7 million.

Analysts had predicted a drop of between 250,000 and 300,000 barrels.

"The crude figures are the most obviously bullish part of this report," Societe Generale analyst Deborah White said, meaning that this data supported prices more than the gasoline numbers.