3 teams press bids for semis

SINGAPORE (AFP) - Oil prices were firmer in Asian trade Wednesday as players waited to see the latest US stockpile figures due later in the day, especially gasoline (petrol) inventories ahead of the US summer driving season, dealers said.

At 11:05 am (0305 GMT), New York's main oil futures contract, light sweet crude for delivery in July, was up seven cents at 65.58 dollars a barrel.

The New York June contract expired Tuesday at 64.97 dollars.

Brent North Sea crude for July rose 24 cents to 69.76 dollars.

Dave Ernsberger, Asia director for Platts, said the upcoming US stockpiles figures should show a further build in gasoline stocks, a key focus just ahead of the peak-demand US driving season.

US gasoline inventories have risen for the past two weeks after steady falls for three months amid refinery problems.

Ernsberger said the US Department of Energy's weekly inventory report would show a further build of 1.4 million barrels in gasoline, along with gains of 1.2 million barrels of crude and 1.2 million barrels for distillates, which include heating fuel.

Phil Flynn, of Alaron Trading, said in US trading hours that a build in gasoline stocks was unlikely to be sustained.

"That's why it's imperative that we see a rise in supply this week," he said.

With tensions in the Middle East, particularly in Lebanon, the risk was high that oil prices will build in more risk premium, he said.

"It looks like it's going to be a long, hot summer," he said.

Ernsberger said the market remained more focussed on Iran and Nigeria than fresh fighting in Lebanon.

Nigeria, Africa's biggest oil producer, has lost about a quarter of its output in the restive oil-producing south.

Iran has defied demands and sanctions from the UN Security Council for it to suspend uranium enrichment, which the West fears could be used to develop nuclear weapons.