Oil prices up in Asian trade

AFP, SINGAPORE: Oil prices edged higher in quiet Asian trade yesterday as dealers set aside weak Chinese trade data and looked ahead to the release of a US stockpiles report, analysts said.
US benchmark West Texas Intermediate for October delivery gained 22 cents to $46.16 while Brent crude for October rose 24 cents to $49.76 in late-morning trade.
“We are seeing trading volumes for oil futures down a third than on average. The market seems to have shrugged off the weak Chinese trade data and is now looking beyond that for cues,” Michael McCarthy, chief market strategist at IG Markets in Sydney, told AFP.
“We might see some movement next depending on how the US stockpile numbers turn out,” he said.  China said Tuesday its exports fell 5.5 per cent year-on-year in August while imports plunged 13.8 per cent, led by falling commodity prices, adding to worries about the strength of the world’s number two economy and top energy consumer.

Oil prices up in Asian trade

AFP, SINGAPORE: Oil prices edged higher in quiet Asian trade yesterday as dealers set aside weak Chinese trade data and looked ahead to the release of a US stockpiles report, analysts said. US benchmark West Texas Intermediate for October delivery gained 22 cents to $46.16 while Brent crude for October rose 24 cents to $49.76 in late-morning trade. We are seeing trading volumes for oil futures down a third than on average. The market seems to have shrugged off the weak Chinese trade data and is now looking beyond that for cues, Michael McCarthy, chief market strategist at IG Markets in Sydney, told AFP. We might see some movement next depending on how the US stockpile numbers turn out, he said. China said Tuesday its exports fell 5.5 per cent year-on-year in August while imports plunged 13.8 per cent, led by falling commodity prices, adding to worries about the strength of the worlds number two economy and top energy consumer.