Oil prices up

AFP, SINGAPORE: Oil prices rose in Asia yesterday as dealers predicted that the latest US crude stockpiles and production data will point towards upbeat demand in the world’s top crude consumer, analysts said.
US benchmark West Texas Intermediate for September delivery gained 45 cents to $46.19 while Brent crude for September was up 48 cents to $50.47 in afternoon trade.
Prices had skidded for three consecutive sessions before rising modestly on Tuesday ahead of the US Energy Information Administration’s release of the latest US stockpiles figures later Wednesday.
“We should be seeing drops to US crude production.
This should help support the market in the longer run,” said Daniel Ang, investment analyst at Phillip Futures in  Singapore.
Last week’s data showed crude inventories slid to 459.7 million barrels in the week to July 24, the lowest level since March.

Oil prices up

AFP, SINGAPORE: Oil prices rose in Asia yesterday as dealers predicted that the latest US crude stockpiles and production data will point towards upbeat demand in the worlds top crude consumer, analysts said. US benchmark West Texas Intermediate for September delivery gained 45 cents to $46.19 while Brent crude for September was up 48 cents to $50.47 in afternoon trade. Prices had skidded for three consecutive sessions before rising modestly on Tuesday ahead of the US Energy Information Administrations release of the latest US stockpiles figures later Wednesday. We should be seeing drops to US crude production. This should help support the market in the longer run, said Daniel Ang, investment analyst at Phillip Futures in Singapore. Last weeks data showed crude inventories slid to 459.7 million barrels in the week to July 24, the lowest level since March.