Oil prices rally after successive falling

World oil prices rallied Wednesday as traders built long position at the low prices after successive falling.

New York's main contract, light sweet crude for delivery in November, rose 73 cents to settle at 59.41 dollars a barrel.

In London, Brent North Sea crude for November delivery gained 79 cents to close at 59.22 dollars a barrel.

Crude futures have fallen more than 20 percent from its record 78.40 dollars per barrel in mid-July, as demand was downgraded and supply worries eased.

U.S. reserves of commercial crude oil, gasoline and other refined fuels increased last week, the Energy Department said Wednesday in its weekly petroleum report.

In the week to Sept. 29, crude oil inventories jumped 3.3 million barrels to 328.1 million, or 6.7 percent above year-ago levels. The surge surprised analysts who were expecting crude oil stocks to fall by 1.1 million barrels.

Gasoline stockpiles increased 1.2 million barrels to 215.1 million, or 9.6 percent more than last year. The rise was less than the advance of 1.5 million barrels expected by analysts.

Supplies of distillates, used for heating oil and diesel fuel, climbed up 200,000 barrels to 151.5 million, 18 percent above year ago levels. The gain was much less than forecasts of a gain of 1.5 million.

Source: Xinhua