Crude oil prices mixed in Asian trade

PTI Singapore | Updated on March 12, 2018 Published on June 26, 2014

Oil prices were mixed in Asia today ahead of the release of fresh US economic data, while investors are optimistic following the a report that Washington is to lift a decades-old crude export ban.

US benchmark West Texas Intermediate rose 13 cents to $106.63, while Brent crude eased two cents to $113.98 in mid-morning trade.

Analysts said prices were tracking gains in equity market following a positive lead from Wall Street, despite data yesterday showing the US economy fell at a 2.9 per cent annual pace in the quarter to March, worse than previous estimates.

French lender Credit Agricole said investors are looking beyond the report as “recent healthy economic releases suggest a substantial rebound” in the second quarter.

Investors will next be scrutinising a slew of latest economic figures, including personal income, personal spending and initial jobless claims data out later on Thursday for further clues about the US economy, it said.

Singapore’s United Overseas Bank said prices retained support from a Wall Street Journal article that said US is easing the long-standing ban on crude exports.

The report had said late Tuesday that the US Commerce Department approved the first export of unrefined oil in nearly four decades, potentially clearing the way for a bigger policy change that could tighten the US crude market.

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Published on June 26, 2014
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