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Oil prices were mixed in Asian trade today as investors awaited the latest US crude stockpiles data for clues about demand from the world’s biggest oil consumer, analysts said.
New York’s main contract, West Texas Intermediate for delivery in September, was up six cents at $105.36 a barrel in mid0morning Asian trade, and Brent North Sea crude for September shed 10 cents to $108.08.
“We aren’t seeing huge moves with crude right now as traders are waiting for the official US crude stockpiles data to be out later today,” Michael McCarthy, chief market strategist at CMC Markets in Sydney, said.
“Trading remains firm as expectations are that there was a decline in stockpiles,” he said.
Overall US crude oil stockpiles have dropped sharply in recent weeks, with the country still in the peak-demand summer driving season when Americans take to the roads for their holidays.
Meanwhile, traders are also eyeing a flurry of Chinese economic data to be released later in the week, McCarthy said.
Lagging Chinese demand has put a drag on markets in recent months, and “investors will be looking at these numbers to see if there will be any change”, he said.
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