Today Crude Update :-
LONDON (Reuters) - Oil prices fell toward $72 a barrel on Thursday after rising more than 5 percent this week as swollen U.S. distillate stocks such as diesel offset positive sentiment in other markets.
U.S. crude was down 14 cents at $72.37 a barrel by 1116 GMT, after falling as low as $72.05 earlier.
London Brent Futures were down 19 cents at $71.48 a barrel.
European equity markets rallied in early trade and the FTSEurofirst 300 (^FTEU3 - News) held above the 1,000 mark, while gold touched new 18-month highs, adding to signs that investors are ready to take on more risk.
But analysts said weak fundamentals neutralized the potentially bullish news as traders eyed brimming distillate stocks which could limit any price gains during the peak demand heating season.
U.S. Energy Information Administration data showed distillates rose by 2.2 million barrels last week, far exceeding analyst expectations for a 1.3 million barrel build.
