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Oil down in Asian trade ahead of energy report |
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Oil down in Asian trade
ahead of energy report
SINGAPORE - Oil prices extended losses in Asian trade Wednesday ahead of a closely watched report on energy demand in the United States, the world’s biggest energy consumer.
New York’s main contract, light sweet crude for April delivery, dropped 16 cents to $81.33 a barrel.
London’s Brent North Sea crude for April delivery was down 20 cents to $79.71 a barrel.
Analysts said investors were waiting for signs of firmer demand in the United States after an industry report showed a surprise build-up of crude stocks.
The American Petroleum Institute (API) said Tuesday crude stockpiles
for the week ended March 5 rose 6.5 million barrels. Analysts polled by
Platts had anticipated an increase of 2.1 million barrels.
“The API reported quite bearish results yesterday. The crude build-up
was larger than expected,” said Serene Lim, a Singapore-based oil
analyst with the ANZ bank.
She said focus will now be on a report by the US Department of Energy
on oil inventories to be released later Wednesday for indications on
energy demand in the United States. (abs-cbn)
Crude prices have also been under pressure by a stronger greenback, which makes dollar-priced oil more expensive, analysts said.
The dollar was steady in the morning as traders took to the sidelines ahead of US and Chinese economic reports.
The euro was at 1.3599 dollars, compared with 1.3598 in New York late
Tuesday, and at 122.37 yen against 122.35. The dollar inched up to
89.99 yen from 89.96.
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