Oil prices down in Asia

AFP, SINGAPORE: Oil prices tumbled in Asia yesterday after US commercial crude stockpiles climbed to a record level, further stoking worries about a global oversupply of the commodity.
Prices had closed higher over the past two trading days, buoyed by hopes of stimulus measures in the eurozone and Japan, but analysts said any rally is unlikely to be supported because of the long-running supply glut.
The US Department of Energy reported Wednesday that the country’s commercial crude inventories jumped 8.4 million barrels to 494.9 million in the week to January 22, the highest on record. Rising inventories typically signals weak demand in the world’s top oil consuming nation and puts further downward pressure on prices in a saturated market.

Oil prices down in Asia

AFP, SINGAPORE: Oil prices tumbled in Asia yesterday after US commercial crude stockpiles climbed to a record level, further stoking worries about a global oversupply of the commodity. Prices had closed higher over the past two trading days, buoyed by hopes of stimulus measures in the eurozone and Japan, but analysts said any rally is unlikely to be supported because of the long-running supply glut. The US Department of Energy reported Wednesday that the countrys commercial crude inventories jumped 8.4 million barrels to 494.9 million in the week to January 22, the highest on record. Rising inventories typically signals weak demand in the worlds top oil consuming nation and puts further downward pressure on prices in a saturated market.