Commodities

Crude prices mixed in Asian trade

PTI Singapore | Updated on December 23, 2011 Published on December 23, 2011

Crude prices were mixed in Asian trade today with New York crude boosted by positive US jobs data but trading volumes were light ahead of the extended Christmas week-end, analysts said.

New York’s main contract, light sweet crude for delivery in February, gained seven cents to $99.60 a barrel but Brent North Sea crude for February delivery lost 11 cents to $107.78.

“We had very supportive numbers from the US, the jobless claims were relatively positive,” said Mr Nick Trevethan, senior commodities strategist for ANZ Research in Singapore.

“However, it is the Christmas holiday season and trading volume is getting pretty light,” he said.

The US Labor Department said on Thursday that claims for US unemployment benefits fell to the lowest level since April 2008 last week, the third straight fall and another sign that the jobs market is in recovery in the world’s biggest economy.

The data was stronger than economists’ predictions, with claims of 364,000 last week versus the consensus estimate of 380,000.

The United States is the world’s largest oil-consuming nation.

Published on December 23, 2011
This article is closed for comments.
Please Email the Editor