Oil prices down in Asia

AFP, SINGAPORE: Oil prices were down in Asia yesterday as investors weighed US petroleum industry data showing a build-up in crude stockpiles and news that shipments from a Libyan port were halted due to tensions.
US benchmark West Texas Intermediate for delivery in December was down 15 cents at $47.75 and Brent crude for December was trading 14 cents lower at $50.40 at 0600 GMT.
The industry-funded American Petroleum Institute said US crude inventories rose by 2.8 million barrels in the week to October 30, according to Bloomberg News.
The industry report comes ahead of the release later yesterday of the official US Department of Energy data on commercial crude stockpiles which is also expected to show an increase.
A build-up in the stockpiles indicates softer demand in the world’s top oil consumer and is negative for prices.

Oil prices down in Asia

AFP, SINGAPORE: Oil prices were down in Asia yesterday as investors weighed US petroleum industry data showing a build-up in crude stockpiles and news that shipments from a Libyan port were halted due to tensions. US benchmark West Texas Intermediate for delivery in December was down 15 cents at $47.75 and Brent crude for December was trading 14 cents lower at $50.40 at 0600 GMT. The industry-funded American Petroleum Institute said US crude inventories rose by 2.8 million barrels in the week to October 30, according to Bloomberg News. The industry report comes ahead of the release later yesterday of the official US Department of Energy data on commercial crude stockpiles which is also expected to show an increase. A build-up in the stockpiles indicates softer demand in the worlds top oil consumer and is negative for prices.