Press Esc to close
Sunday 26 October 2014
News updated at 2:55 PM IST
Weather
Max: 22°C
Min : 21°C
In Bangalore
Partially cloudy

Oil prices edge higher in Asian trade

Singapore, Jul 16, 2013, (AFP) :

Oil prices edged higher in Asian trade today as investors anticipated a fall in US crude inventories for the third consecutive week, renewing hopes of resurgent demand, analysts said.

New York's main contract, West Texas Intermediate light sweet crude for delivery in August, gained eight cents to USD 106.40 a barrel in morning trade, while Brent North Sea crude for August delivery was up seven cents to USD 109.16.

"Investors think there is potential for the US crude stockpiles to dip further, and that is putting upward pressure on prices," Jason Hughes, head of sales trading at CMC Markets in Singapore, told AFP.


Oil inventories in the United States have fallen more than 20 million barrels over the last two weeks, according to data from the Energy Information Administration (EIA).

The rapid drawdown in US crude stocks comes amid the country's busy driving season, when Americans take to the roads for their annual summer holidays.

The EIA will release the official crude inventory data for the week to July 12 later Wednesday.

Gains over upbeat sentiment about crude demand in the US have however been limited by a stronger dollar and concerns that the US central bank will taper off its economic stimulus measures soon, Hughes said.

Dollar-priced oil becomes more expensive for holders of weaker currencies if the greenback strengthens, denting demand and putting downward pressure on prices.

"There also remains some concern that all the upbeat sentiment about the US economy will translate to stimulus tapering by the Fed," Hughes said.

Go to Top

Photo Gallery
Mrs. Komal Kalra Pagarani who is all set to represent India...

Mrs. Komal Kalra Pagarani who is all set to represent India...

Fire at Balaji Studio Killick Nixon Studios in Mumbai...

Fire at Balaji Studio Killick Nixon Studios in Mumbai...

Sikh religious warriors, display their horse-riding skills at an event organized to celebrate...

Sikh religious warriors, display their horse-riding skills at an event organized to celebrate...

Bollywood actor Shatrughan Sinha with his family during Amitabh Bachchan's Diwali party in Mumbai..

Bollywood actor Shatrughan Sinha with his family during Amitabh Bachchan's Diwali party in Mumbai..

Sachin Tendulkar and his wife Anjali with Abhishek Bachchan during Bachchans' Diwali party...

Sachin Tendulkar and his wife Anjali with Abhishek Bachchan during Bachchans' Diwali party...

Narendra Modi clicks photographs during the Diwali Mangal Milan programme at BJP headquarters...

Narendra Modi clicks photographs during the Diwali Mangal Milan programme at BJP headquarters...

Nitin Gadkari leaves after meeting RSS Chief Mohan Bhagwat at RSS headquarters in Nagpur...

Nitin Gadkari leaves after meeting RSS Chief Mohan Bhagwat at RSS headquarters in Nagpur...

Brother & Sister take holy dip in river Yamuna on the occasion of Bhai Dooj...

Brother & Sister take holy dip in river Yamuna on the occasion of Bhai Dooj...

Dhoni talks to Hockey India player Ashunta Lakra during launch of hockey team in Ranchi...

Dhoni talks to Hockey India player Ashunta Lakra during launch of hockey team in Ranchi...

Brother of Thailand's Prime Minister Payap Shinawatra takes part in Robe...

Brother of Thailand's Prime Minister Payap Shinawatra takes part in Robe...

Copyright 2014, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bangalore - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523