Oil prices bounce back in Asia

AFP, SINGAPORE: Oil prices rose in Asia yesterday, bouncingback from a sharp fall the day before but expectations of another build in US crude inventories cast a shadow on the market.
Traders are waiting for the release later Thursday of data by the US Energy Information Administration (EIA) showing the country's commercial stockpiles for an indication of demand in the world's top crude consumer. Release of the data comes a day later than usual because of the US Veterans Day holiday.
Prices tumbled Wednesday after a report by the American Petroleum Institute showed US commercial crude inventories had jumped by more than six million barrels. A rise in the inventories typically signals weaker demand and is a negative influence on oil prices.
The EIA report "will provide vital clues for the near term price development", said Sanjeev Gupta, head of the Asia Pacific oil and gas practice at professional services firm EY

Oil prices bounce back in Asia

AFP, SINGAPORE: Oil prices rose in Asia yesterday, bouncingback from a sharp fall the day before but expectations of another build in US crude inventories cast a shadow on the market. Traders are waiting for the release later Thursday of data by the US Energy Information Administration (EIA) showing the countrys commercial stockpiles for an indication of demand in the worlds top crude consumer. Release of the data comes a day later than usual because of the US Veterans Day holiday. Prices tumbled Wednesday after a report by the American Petroleum Institute showed US commercial crude inventories had jumped by more than six million barrels. A rise in the inventories typically signals weaker demand and is a negative influence on oil prices. The EIA report will provide vital clues for the near term price development, said Sanjeev Gupta, head of the Asia Pacific oil and gas practice at professional services firm EY