Oil prices dip in Asia

AFP, SINGAPORE: Oil prices fell in Asia yesterday following a mixed US petroleum report that showed an increase in reserves but a dip in production.
US benchmark West Texas Intermediate for October delivery fell 14 cents to $46.11 while Brent crude for October slipped 10 cents to $50.40 in afternoon trade.
Prices turned sharply lower Tuesday and have been edging down after weak manufacturing data from China and the United States clouded the outlook for demand growth in the two biggest energy consumers. They had surged more than 25 per cent over the three days before that.
On Wednesday the US Department of Energy’s petroleum report for the week to August 28 showed commercial crude stocks rose 4.7 million barrels to 455.4 million barrels, sitting near eight-decade highs.   
The increase was much bigger than the 900,000 barrels on average expected surveyed by experts Bloomberg News.

Oil prices dip in Asia

AFP, SINGAPORE: Oil prices fell in Asia yesterday following a mixed US petroleum report that showed an increase in reserves but a dip in production. US benchmark West Texas Intermediate for October delivery fell 14 cents to $46.11 while Brent crude for October slipped 10 cents to $50.40 in afternoon trade. Prices turned sharply lower Tuesday and have been edging down after weak manufacturing data from China and the United States clouded the outlook for demand growth in the two biggest energy consumers. They had surged more than 25 per cent over the three days before that. On Wednesday the US Department of Energys petroleum report for the week to August 28 showed commercial crude stocks rose 4.7 million barrels to 455.4 million barrels, sitting near eight-decade highs. The increase was much bigger than the 900,000 barrels on average expected surveyed by experts Bloomberg News.