Quantcast
Article Index |Advertise | Mobile | RSS | Wireless | Newsletter | Archive | Corrections | Syndication | Contact us | About Us| Services
 
Fri, Aug 29, 2014 07:14 AM Philippines      25įC to 33įC
  HOME       NEWS     SPORTS     SHOWBIZ AND STYLE      TECHNOLOGY     BUSINESS     OPINION      GLOBAL NATION    SERVICES
Advertisement
Inquirer Mobile
Property Guide

INQUIRER ALERT
Get the free INQUIRER newsletter
Enter your email address:

 
Money / Top Stories Type Size: (+) (-)
You are here: Home > Business > Money > Top Stories

  ARTICLE SERVICES      
     Reprint this article     Print this article  
    Send Feedback  
    Post a comment   Share  

  RELATED STORIES  




imns


Oil prices higher in Asian trade


Agence France-Presse
First Posted 12:04:00 06/18/2009

Filed Under: Energy & Resources, Economy and Business and Finance, Oil & Gas - Upstream activities

SINGAPORE--Oil prices were higher in Asian trade Thursday, with New York crude holding above $71 a barrel following a sharp fall in US crude reserves and amid continued unrest in Iran and Nigeria.

New York's main futures contract, light sweet crude for delivery in July, gained 15 cents to $71.18 a barrel.

Brent North Sea crude for August delivery was up one cent to $70.86.

Analysts said the sharp decline in crude inventories showed energy demand was picking up in the United States, the world's biggest energy consumer.

The weekly US Department of Energy (DoE) report released Wednesday showed crude stockpiles falling for the second week running, by 3.9 million barrels, far sharper than analysts' predictions.

However, prices were weighed down by the bigger-than-expected rise in gasoline stocks, which indicated poor petrol uptake at a time of the year when Americans take to the roads in large numbers for their summer holidays.

Gasoline stocks rose 3.4 million barrels last week, the US government's Energy Information Administration said, topping analysts' consensus forecast for an increase of 300,000 barrels.

"Overall, US fuel demand is still weak. Total petroleum products supplied in the four weeks to 12 June was 6.0 percent below the level of a year earlier," the Commonwealth Bank of Australia said.

Phil Flynn of US-based Alaron Trading said despite a rebound in US housing construction in May, the shape of the US industrial sector "is almost enough to make you cringe."

In oil-producing Iran, the opposition was set to hold marches and a day of mourning Thursday for slain protesters as they keep up pressure on the authorities over the disputed presidential election.

Some analysts fear the unrest and allegations of foreign interference could force the Iranian government to cut off oil supplies or try to block the Strait of Hormuz, a crucial passageway for oil tankers.

In Nigeria, a key African oil exporter, militants said they had destroyed a major crude oil pipeline belonging to Royal Dutch Shell as it continued its campaign against foreign oil companies.



Copyright 2014 Agence France-Presse. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.



Share

RELATED STORIES:

OTHER STORIES:



  ^ Back to top

© Copyright 2001-2014 INQUIRER.net, An INQUIRER Company

The INQUIRER Network: HOME | NEWS | SPORTS | SHOWBIZ & STYLE | TECHNOLOGY | BUSINESS | OPINION | GLOBAL NATION | Site Map
Services: Advertise | Buy Content | Wireless | Newsletter | Low Graphics | Search / Archive | Article Index | Contact us
The INQUIRER Company: About the Inquirer | User Agreement | Link Policy | Privacy Policy

Advertisement
Federal land
Jobmarket Online
Inquirer VDO
BizLinq