Oil prices steady in Asian trade
Oil prices were steady in Asian trade Friday with participants not keen to take positions ahead of the long holiday weekend, dealers said.
By Agencies |
SINGAPORE: Oil prices were steady in Asian trade Friday with participants not keen to take positions ahead of the long holiday weekend, dealers said.
At 10:55 am, New York's main contract, light sweet crude for February delivery, was steady at $62.66 a barrel, unchanged from late US trade Thursday.
Brent North Sea crude for February was up one cent at $62.47.
Dealers said mild weather conditions in the US northeast, the world's biggest heating oil user, limited the market's upside.
"We are already heading into January and we have not had a cold snap," said Steve Rowles, an analyst with CFC Seymour in Hong Kong. I think the continued story is the mild weather in the US, signaling decreased demand (for heating oil), he said. Latest figures Wednesday showed 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. Inventories of crude oil slumped 6.3 million barrels to 329.1 million, more than triple the decline expected by analysts. Gasoline or petrol reserves rose 1.0 million barrels to 200.9 million, against forecasts of no change.
Oil has fallen 20 per cent from the peak of above $78 in July.
At least three people were killed in an armed attack on foreign-owned oil facilities in southern Nigeria. Unidentified armed men attacked facilities owned by two foreign oil companies Thursday, while a third oil major, which was attacked earlier in the week, starting relocating the families of its staff.
Separatist fighters in the Niger Delta are seeking a higher share of Nigeria's oil wealth for the region's 14 million ethnic Ijaw people. The attacks have cut Nigeria's normal production of 2.6 million barrels of crude per day by about 25 per cent.
At 10:55 am, New York's main contract, light sweet crude for February delivery, was steady at $62.66 a barrel, unchanged from late US trade Thursday.
Brent North Sea crude for February was up one cent at $62.47.
Dealers said mild weather conditions in the US northeast, the world's biggest heating oil user, limited the market's upside.
"We are already heading into January and we have not had a cold snap," said Steve Rowles, an analyst with CFC Seymour in Hong Kong. I think the continued story is the mild weather in the US, signaling decreased demand (for heating oil), he said. Latest figures Wednesday showed 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. Inventories of crude oil slumped 6.3 million barrels to 329.1 million, more than triple the decline expected by analysts. Gasoline or petrol reserves rose 1.0 million barrels to 200.9 million, against forecasts of no change.
Oil has fallen 20 per cent from the peak of above $78 in July.
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At least three people were killed in an armed attack on foreign-owned oil facilities in southern Nigeria. Unidentified armed men attacked facilities owned by two foreign oil companies Thursday, while a third oil major, which was attacked earlier in the week, starting relocating the families of its staff.
Separatist fighters in the Niger Delta are seeking a higher share of Nigeria's oil wealth for the region's 14 million ethnic Ijaw people. The attacks have cut Nigeria's normal production of 2.6 million barrels of crude per day by about 25 per cent.
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