Oil prices ease in Asian trade, stuck near 12-year lows

AFP, SINGAPORE: Oil prices eased in Asia yesterday, with the commodity sitting around 12-year lows as dealers prepare for the return of Iranian exports to the market while US stockpiles increase. However, there is talk that crude -- which has plunged by three quarters in the past 18 months on weak demand, a slow global economy and an oversupply crisis -- could be nearing its bottom. US benchmark West Texas Intermediate (WTI) for delivery in February was down 61 cents, or 1.96 per cent, at $30.59 by around 0600 GMT. Brent for March was down 34 cents, or 1.10 per cent, at 30.54. This week both main contracts fell below $30 a barrel for the first time since the first half of 2004.

Oil prices ease in Asian trade, stuck near 12-year lows

AFP, SINGAPORE: Oil prices eased in Asia yesterday, with the commodity sitting around 12-year lows as dealers prepare for the return of Iranian exports to the market while US stockpiles increase. However, there is talk that crude -- which has plunged by three quarters in the past 18 months on weak demand, a slow global economy and an oversupply crisis -- could be nearing its bottom. US benchmark West Texas Intermediate (WTI) for delivery in February was down 61 cents, or 1.96 per cent, at $30.59 by around 0600 GMT. Brent for March was down 34 cents, or 1.10 per cent, at 30.54. This week both main contracts fell below $30 a barrel for the first time since the first half of 2004.