Oil prices mixed in Asia

Oil prices mixed in Asia
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First Published: Mon, Jun 02 2008. 10 22 AM IST
Updated: Mon, Jun 02 2008. 10 22 AM IST
AFP
Singapore: World oil prices were mixed in Asian trade on 2 June amid negative news on the global economy, which could dampen demand for oil.
In morning trade, New York’s main oil futures contract, light sweet crude for July delivery, slipped four cents to $127.31 per barrel.
The benchmark contract had closed at $127.35 on Friday at the New York Mercantile Exchange.
London’s Brent North Sea crude for July delivery gained 13 cents to $127.91 a barrel, after settling at $127.78 on 30 May.
Prices fell heavily last week as traders took profits from a record-breaking run that saw crude surge beyond $135 on concerns about tightening energy supplies.
At $135 a barrel, oil was up by more than a third since the start of 2008.
David Moore, a commodity strategist at the Commonwealth Bank of Australia in Sydney, said that the market barely moved from Friday’s close.
“Several factors may affect movement but the recent reporting on economic impacts may have had tempering effects,” he said.
Prices slumped by more than $4 on 29 May amid fears of a potential easing in demand, despite a US government report that showed energy stockpiles had tumbled last week.
The US Energy Information Administration said Wednesday that American crude reserves sank 8.8 million barrels in the week ending 23 May, while gasoline reserves dived by 3.2 million barrels.
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First Published: Mon, Jun 02 2008. 10 22 AM IST
More Topics: Oil | Asia | Brent Crude | Nymex | Gasoline |