Oil prices higher in Asian trade on tight US supply concerns

Oil prices higher in Asian trade on tight US supply concerns
AFP
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First Published: Thu, Mar 27 2008. 09 50 AM IST
Updated: Thu, Mar 27 2008. 09 50 AM IST
Singapore: Oil prices were higher in Asian trade today, bolstered by a weaker-than-expected energy stockpiles report in the US, the world’s biggest energy user, dealers said.
In morning trade, New York’s main contract, light sweet crude for May delivery rose 25 cents to $106.15 a barrel from Wednesday’s close of $105.90 during US floor trading hours.
London’s Brent North Sea crude for May delivery gained 36 cents to $104.35 a barrel.
The US government’s Energy Information Administration (EIA) said that its crude stockpiles were unchanged at 311.8 million barrels in the week ending on 21 March.
That contrasted sharply with market expectations for a weekly gain of 1.8 million barrels.
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First Published: Thu, Mar 27 2008. 09 50 AM IST
More Topics: Oil | Asia | US | London | Brent North Sea Crude |