Press Esc to close
Thursday 21 August 2014
News updated at 2:46 AM IST
Weather
Max: 30.8°C
Min : 20.7°C
In Bangalore
Generally 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
Boy plays with a dog near idols of elephant-headed Hindu god Ganesha, displayed for sale by a...

Boy plays with a dog near idols of elephant-headed Hindu god Ganesha, displayed for sale by a...

Pakistan football team players after defeating India on their second match at  KSFA Stadium ...

Pakistan football team players after defeating India on their second match at KSFA Stadium ...

Dejected Indian football team players after their loss during the 2nd International U-23 Friendly...

Dejected Indian football team players after their loss during the 2nd International U-23 Friendly...

Director Rajkumar Hirani right, and producer Vidhu Vinod Chopra, left, enjoy a lighter moment as...

Director Rajkumar Hirani right, and producer Vidhu Vinod Chopra, left, enjoy a lighter moment as...

Former Prime Minister Manmohan Singh with Congress President Sonia Gandhi at the Rajiv Gandhi...

Former Prime Minister Manmohan Singh with Congress President Sonia Gandhi at the Rajiv Gandhi...

Actor Rani Mukherjee with Mumbai Police Commissioner Rakesh Maria during the launch of Women Beat...

Actor Rani Mukherjee with Mumbai Police Commissioner Rakesh Maria during the launch of Women Beat...

President Pranab Mukherjee and Congress President Sonia Gandhi look on as Congress party Vice ...

President Pranab Mukherjee and Congress President Sonia Gandhi look on as Congress party Vice ...

Bollywod actress Mandira Bedi during the inauguration of a painting exhibition in Mumbai on ...

Bollywod actress Mandira Bedi during the inauguration of a painting exhibition in Mumbai on ...

A man gets his shave done by a roadside barber as another reads a newspaper while waiting for...

A man gets his shave done by a roadside barber as another reads a newspaper while waiting for...

A model at a promotional event of Rado watches in Lucknow  ...

A model at a promotional event of Rado watches in Lucknow ...

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