SINGAPORE – Oil was mixed in Asian trade Wednesday amid concerns about US energy demand and tensions between the West and major crude producer Iran, analysts said.
In morning trade, New York’s main contract, light sweet crude for delivery in March, was two cents higher at $100.76 and Brent North Sea crude for April delivery fell by four to $117.35.
“Supply worries surrounding Iran… supported sentiment in the face of weak demand,” analysts from Australia’s Commonwealth Bank said in a commentary.
A suspected Iranian bomber had his legs blown off as he hurled a grenade at Thai police Tuesday, officials said, with Israel accusing Tehran of being
behind the third attack in world capitals this week.
The explosion in central Bangkok came a day after bombers targeted Israeli embassy staff in the capitals of India and Georgia, with a female diplomat
seriously wounded in New Delhi.
Meanwhile, Iranian President Mahmoud Ahmadinejad is to unveil several unspecified nuclear “achievements” on Wednesday, the oil-rich country’s
official website said.
Tehran rejects accusations it is developing nuclear weapons, insisting its program is for peaceful aims and has condemned “all acts of terrorism.”
Separately, there are fresh concerns about US demand after government data Tuesday showed retail sales in January were weaker than expected in the
world’s biggest oil-consuming nation.
The retail sales report came on the eve of Wednesday’s official weekly reading on US energy stockpiles.