Oil prices lower ahead of US report
Oil prices were lower in Asian trade on Wednesday day as the market awaited US inventory data expected to show further builds in gasoline (petrol) stocks, dealers said.
By Agencies |
SINGAPORE: Oil prices were lower in Asian trade on Wednesday day as the market awaited US inventory data expected to show further builds in gasoline (petrol) stocks, dealers said.
At 11:10 am (0840 IST), New York's main oil futures contract, light sweet crude for delivery in July, was down 28 cents at USD 65.07 a barrel from USD 65.35 in late US trades yesterday.
Brent North Sea crude for July was off 22 cents at USD 68.57. Steve Rowles, an analyst with CFC Seymour in Hong Kong, said the market was on hold until the release of the US weekly inventory report later today. "I think right now, the market really wants to look at some data," Rowles said.
The focus will be on gasoline stocks, which Rowles said "should definitely build up and that should push prices lower." Gasoline remains in focus during the current US driving season when American holidaymakers hit the nation's highways and demand traditionally peaks.
Rowles said a report yesterday by the International Energy Agency (IEA) had offset some of the downward pressure on prices.
The IEA, which acts as energy policy adviser to 26 member countries, revised up its global oil demand growth forecast to two per cent this year. Jim Ritterbusch, president of Ritterbusch & Associates, said during US trading hours that the market viewed the weekly US inventory numbers "as more important than the IEA report."
At 11:10 am (0840 IST), New York's main oil futures contract, light sweet crude for delivery in July, was down 28 cents at USD 65.07 a barrel from USD 65.35 in late US trades yesterday.
Brent North Sea crude for July was off 22 cents at USD 68.57. Steve Rowles, an analyst with CFC Seymour in Hong Kong, said the market was on hold until the release of the US weekly inventory report later today. "I think right now, the market really wants to look at some data," Rowles said.
The focus will be on gasoline stocks, which Rowles said "should definitely build up and that should push prices lower." Gasoline remains in focus during the current US driving season when American holidaymakers hit the nation's highways and demand traditionally peaks.
Rowles said a report yesterday by the International Energy Agency (IEA) had offset some of the downward pressure on prices.
The IEA, which acts as energy policy adviser to 26 member countries, revised up its global oil demand growth forecast to two per cent this year. Jim Ritterbusch, president of Ritterbusch & Associates, said during US trading hours that the market viewed the weekly US inventory numbers "as more important than the IEA report."
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