EUROPEAN BRENT CRUDE OIL HELD FIRM ON THURSDAY NEAR ITS $74 RECORD-HIGH AFTER A STEEP DROP IN U.S. GASOLINE STOCKS FUELLED FEARS OF TIGHT SUMMER SUPPLIES AT A TIME OF GROWING ANXIETY OVER IRAN'S EXPORTS, REUTERS REPORTED. IPE BRENT CRUDE TRADED DOWN 2 CENTS TO $73.71 A BARREL AT 0650 GMT, AFTER EARLIER MATCHING THE $74 RECORD FIRST HIT ON WEDNESDAY, THE SEVENTH CONSECUTIVE SESSION TO MARK A NEW PEAK FOR THE CONTRACT. U.S. MAY CRUDE OIL FUTURES EDGED UP 3 CENTS TO $72.20 A BARREL AFTER SOARING 1.15 PERCENT ON WEDNESDAY, HITTING A SECOND CONSECUTIVE RECORD-HIGH OF $72.40 A BARREL. PRICES EXTENDED THIS MONTH'S BLISTERING RUN AFTER THE U.S. GOVERNMENT REPORTED A LARGER-THAN-EXPECTED DECLINE IN WEEKLY GASOLINE INVENTORIES OF OVER 5 MILLION BARRELS, A SEVENTH WEEKLY DRAW THAT PUT THEM NEARLY 5 PERCENT BELOW LAST YEAR'S LEVEL. "THE DWINDLING STOCK LEVELS FOR GASOLINE IS A SERIOUS CONCERN, ESPECIALLY... WITH THE U.S. DRIVING SEASON AHEAD OF US," SAID TONY NUNAN, MANAGER OF THE RISK MANAGEMENT BUSINESS AT MITSUBISHI CORP. IN TOKYO. STOCKS FELL AS IMPORTS THINNED AND DEMAND FOR MOTOR GASOLINE AVERAGED OVER 9.1 MILLION BARRELS PER DAY (BPD), 0.8 PERCENT MORE THAN A YEAR EARLIER, THE U.S. ENERGY INFORMATION ADMINISTRATION (EIA) SAID. THE DATA ALSO SHOWED AN UNEXPECTED 800,000-BARREL DRAW IN CRUDE OIL STOCKS, WHILE DISTILLATES FELL 2.8 MILLION BARRELS BUT REMAINED AHEAD OF YEAR-EARLIER LEVELS. S] "HEALTHY CRUDE OIL INVENTORIES HAVE BEEN KEEPING A LID ON OIL FROM RISING FURTHER, BUT IF WE CONTINUE TO SEE A DRAWDOWN IN STOCK LEVELS, THAT LID COULD COME OFF," NUNAN SAID.
