Oil prices up

AFP, SINGAPORE: Oil prices rose in Asia yesterday but gains were capped by an International Energy Agency (IEA) report showing that the global crude oversupply will persist until next year.
US benchmark West Texas Intermediate for November delivery was up 0.28 per cent to $46.79 in afternoon trade following a volatile morning session. Brent crude for November climbed 0.16 per cent to $49.32 a barrel.
“The fundamentals of oil still have not changed,” Daniel Ang, an investment analyst with Phillip Futures in Singapore, told AFP.
“The market remains in oversupply and with impending Iranian crude possibly entering the market in November, this is really putting a lot of bearishness in the market.”

Oil prices up

AFP, SINGAPORE: Oil prices rose in Asia yesterday but gains were capped by an International Energy Agency (IEA) report showing that the global crude oversupply will persist until next year. US benchmark West Texas Intermediate for November delivery was up 0.28 per cent to $46.79 in afternoon trade following a volatile morning session. Brent crude for November climbed 0.16 per cent to $49.32 a barrel. The fundamentals of oil still have not changed, Daniel Ang, an investment analyst with Phillip Futures in Singapore, told AFP. The market remains in oversupply and with impending Iranian crude possibly entering the market in November, this is really putting a lot of bearishness in the market.