Crude oil prices mixed in Asian trade

PTI Singapore | Updated on March 12, 2018

Oil prices were mixed in Asian trade today as investors focused on upbeat US economic growth data, raising hopes of resurgent demand in the world’s top crude consumer.

New York’s main contract, West Texas Intermediate crude for February delivery, was down five cents at $99.27 in mid-morning trade, while Brent North Sea crude for February gained five cents to $111.82.

Desmond Chua, market analyst at CMC Markets in Singapore, said prices were being supported by robust US gross domestic product data last week, which was “way better than expected’’.

Economic growth data

The US Commerce Department had on Friday reported that economic growth accelerated to an annual rate of 4.1 per cent in the third quarter, instead of the previously estimated 3.6 per cent pace. Analysts had expected the revision to confirm the 3.6 per cent number.

The upbeat data followed the Federal Reserve’s announcement that it would cut its stimulus by $10 billion to $75 billion a month from January, indicating it is confident that the economic conditions are improving.

Analysts continue to keep a close watch on the potential supply disruptions in Africa.

Production in fledgling producer South Sudan has been hit by the escalation of internal strife in the country over the past week, with oil companies flying out their employees after the death of at least five South Sudanese oil workers last Wednesday.

Published on December 23, 2013

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