Oil prices mixed in Asian trade

Oil prices mixed in Asian trade

Singapore: Oil prices were mixed in Asian trade today following recent losses amid worries over the US economy and the level of crude stockpiles, analysts said.

New York’s main contract, light sweet crude for delivery in November, gained 13 cents to $75.10 a barrel.

Brent North Sea crude for November delivery fell seven cents to $78.35.

Crude markets were coming off five sessions of losses in six days, “weighed by high oil inventories and the Fed’s concerns over the faltering economy," a report from Phillip Futures said.

Doubts over the strength of the US economy were stoked after the Federal Reserve’s open market committee warned Tuesday that “the pace of recovery in output and employment has slowed."

And while the central bank left interest rates at record lows, it said it was prepared to take new stimulus measures if necessary.

Oil stockpiles also showed no signs of easing, the report added.

“The American Petroleum (Institute) released inventory reports that showed crude oil stocks unexpectedly rose 2.2 million barrels last week. Earlier, analysts had anticipated a drawdown in crude stocks," it said.

The US Department of Energy will release its weekly stockpile report later today.