Oil prices remain high<\/p>\n
SINGAPORE (Reuters): Crude prices in Asia on Thursday were
\nholding overnight highs, underpinned by reports of lower oil
\nstocks in the United States.<\/p>\n
New York Mercantile Exchange September U.S. crude futures
\ntrading on the electronic ACCESS system in Asia were last traded
\nat an intraday high of $21.53 per barrel at 0620 GMT, just above
\nNew York's close of $21.52, the highest settlement price since
\nOctober 10, 1997.<\/p>\n
On Wednesday, crude futures in London and New York traded at
\n22-month highs, boosted by the stock data and a perception that
\nthe supply curbs would erase the glut entirely in coming months.<\/p>\n
Paris-based International Energy Agency in a monthly report
\nreleased earlier this week said OPEC's compliance with its
\npledged cuts rose to 91 percent in July from 87 percent in June.<\/p>\n
But BP Amoco's Chief Executive John Browne said, after the
\nrelease of the group's second quarter results on Tuesday, that
\nwhile the output restraint had eaten into supplies, stocks were
\nstill running above a four-year trend.<\/p>",
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