Commodities

Crude oil prices mixed in Asia

PTI Singapore | Updated on November 25, 2017

Oil prices were mixed in Asia today as dealers await the release of a US stockpiles report for clues about demand in the world’s top crude consumer, while upbeat Chinese manufacturing data lent support.

US benchmark West Texas Intermediate for August delivery rose one cent to $105.35, while Brent crude for August eased 15 cents to $112.14 in mid-morning trade.

With few leads in Asian trading, focus is on the US Energy Information Administration’s weekly stockpiles report to be released later today, analysts said.

Reserves are expected to have fallen 1.7 million barrels in the week ended June 27, according to analysts polled by the Wall Street Journal.

Gasoline stockpiles likely rose 200,000 barrels, and stocks of distillates, which include heating oil and diesel, are expected to have climbed 800,000 barrels.

Singapore’s United Overseas Bank (UOB) said oil prices retained support “on upbeat manufacturing data in China“.

Chinese manufacturing activity expanded at its fastest pace this year in June, an official survey showed on Tuesday, in a sign that Beijing’s attempts to tackle slowing growth in the world’s number two economy and top energy consumer are gaining traction.

UOB said concerns are easing over a possible supply disruption in major crude producer Iraq.

Islamist militants have overrun swathes of territory in Iraq in a lightning offensive since June 9, but have so far yet to directly threaten the key oil-producing region in the country’s south.

Published on July 02, 2014

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