Oil prices up in Asian trade | Inquirer Business

Oil prices up in Asian trade

/ 12:04 PM November 10, 2014

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SINGAPORE – Oil prices rose in Asia on Monday as dealers digested upbeat US jobs data while anticipating a surge in fuel demand during winter months in the northern hemisphere, analysts said.

US benchmark West Texas Intermediate for December delivery rose 38 cents to $79.03 while Brent crude for December was up 49 cents at $83.88 in late-morning trade.

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The US Labor Department said Friday the economy added 214,000 jobs last month, marking the ninth straight month of growth above 200,000 despite missing the 235,000 consensus analyst estimate.

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The unemployment rate slipped to a six-year low of 5.9 percent.

Desmond Chua, market analyst at CMC Markets in Singapore, said the data raised investor optimism as it “underlined persistent jobs growth in the United States”.

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Singapore’s United Overseas Bank said oil prices were also supported on “expectations that the cold weather could support petroleum products demand” despite a sell-off last week following price cuts by Saudi Arabia.

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Dealers are closely monitoring the situation in rebel-held east Ukraine, following reports Sunday of Russian military reinforcements there that have raised fears of a return to all-out fighting in violation of a ceasefire agreement with Kiev.

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Russia has denied being involved in the Ukrainian civil strife, but openly gives the pro-Kremlin rebels political and humanitarian backing.

Russia is one of the world’s top oil producers and Ukraine is a major conduit for Russian natural gas exports to Europe.

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TAGS: Business, Commodities, economy, Energy, oil, Singapore, unemployment, United Overseas Bank

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