Oil prices rebound in Asian trade
More News from Agence France-Presse
SINGAPORE–Oil prices climbed in Asian trade Friday as following heavy losses in New York trade stoked by a rise in stockpiles and concerns about the global economy, analysts said.
New York’s main contract, light sweet crude for delivery in April gained 37 cents to $93.21 a barrel and Brent North Sea crude for delivery in April added 61 cents to $114.14.
“It is possible that we do have the bargain hunters looking to pick up oil at these levels,” said Jason Hughes, head of premium client management at IG Markets in Singapore.
Both contracts had tumbled more than $2 on Thursday in The United States as traders absorbed poor US jobs data, signs of weaker-than-expected US crude demand and a fall in eurozone business activity.
The US Labor Department said initial jobless claims rose to 362,000 in the week ending February 16, more than the analyst estimate of 358,000.
US crude inventories also rose by 4.1 million barrels in the week ending February 15, data released by the Department of Energy Thursday showed.
That was more than double market expectations for a gain of 1.7 million barrels, according to analysts polled by Dow Jones Newswires.
An increase in crude inventories puts a downward pressure on oil prices.
Disclaimer: The comments uploaded on this site do not necessarily represent or reflect the views of management and owner of INQUIRER.net. We reserve the right to exclude comments that we deem to be inconsistent with our editorial standards.
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City,Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94