Oil prices retreat in Asia as rally fizzles

AFP, SINGAPORE: Oil prices declined in Asia yesterday as a midweek rally dissipated with no relief in sight to a global crude oversupply, analysts said. Prices surged on Wednesday driven by bargain-hunting and a below-forecast rise in US commercial crude inventories, but concerns over the supply glut soon resurfaced. At around 0700 GMT, US benchmark West Texas Intermediate (WTI) was down 30 cents at $45.76 and Brent crude was trading 24 cents lower at $48.56 a barrel. “Crude oil (is) set to end October in the red, which will make it seven out of 10 months this year, as the global supply glut is showing no sign of abating,” Bernard Aw, market strategist at IG Markets Singapore, told AFP. “US stockpiles continued to increase, with data from the US Department of Energy indicating that oil inventories remained more than 100 million barrels above the five-year seasonal average,” he said.

Oil prices retreat in Asia as rally fizzles

AFP, SINGAPORE: Oil prices declined in Asia yesterday as a midweek rally dissipated with no relief in sight to a global crude oversupply, analysts said. Prices surged on Wednesday driven by bargain-hunting and a below-forecast rise in US commercial crude inventories, but concerns over the supply glut soon resurfaced. At around 0700 GMT, US benchmark West Texas Intermediate (WTI) was down 30 cents at $45.76 and Brent crude was trading 24 cents lower at $48.56 a barrel. Crude oil (is) set to end October in the red, which will make it seven out of 10 months this year, as the global supply glut is showing no sign of abating, Bernard Aw, market strategist at IG Markets Singapore, told AFP. US stockpiles continued to increase, with data from the US Department of Energy indicating that oil inventories remained more than 100 million barrels above the five-year seasonal average, he said.