Oil prices were mixed in Asian trade today as investors weighed easing concerns over a supply disruption in West Asia and signs of growing US consumer demand.
New York’s main contract, West Texas Intermediate (WTI) crude for delivery in May, was up three cents at $102.96 per barrel while Brent North Sea crude for June shed 38 cents to $118.30 in morning trade.
“Investors are seeing the Iran talks over the week-end as fairly positive and that is putting downside pressure on Brent crude currently,” said Mr Nick Trevethan, senior commodities strategist at ANZ Research.
WTI was supported by stronger-than-expected retail sales data in the United States, he added.
The US Commerce Department data released on Monday showed a 0.8 per cent expansion in overall retail and food service sales in March, pointing towards rising demand in the world’s largest economy.
Despite a month-to-month slowdown compared to February, the pace of growth was solid and marked a 6.5 per cent increase from March 2011.
The earlier start date of the Seaway pipeline reversal that will ease a supply glut at Cushing, Oklahoma — the delivery point for US crude — was also supporting prices, Mr Trevethan said.