Oil prices bounce in thin holiday Asian trade
Oil prices were higher in thin holiday Asian trade on Tuesday, recovering ground lost Friday, dealers said.
By Agencies |
SINGAPORE: Oil prices were higher in thin holiday Asian trade on Tuesday, recovering ground lost Friday, dealers said.
At 10:20 am, New York's main contract, light sweet crude for February delivery, was 37 cents higher at $62.78 a barrel from its US close of $62.41 Friday. Markets were closed on Monday for Christmas Day.
Brent North Sea crude for February added 45 cents to $62.87.
Activity were largely muted as most participants were away on holiday and there were very few factors to spur interest, dealers said.
Looking ahead, the US Department of Energy's weekly inventory report due tomorrow will be closely watched again by the market, dealers said.
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An unusually mild winter in the US, the world's largest energy user, has dampened heating oil demand and it is expected that the warm conditions will likely persist into January.Last week, figures showed US distillate products reserves, which include heating oil and diesel, increased 1.2 million barrels to 133.1 million in the week ended December 15. Analysts had expected a drop of 600,000 barrels.
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