World oil prices fall in Asian trade Singapore
World oil prices fell today in Asian trade, easing back from record highs reached last week, dealers said.
By Agencies |
SINGAPORE: World oil prices fell today in Asian trade, easing back from record highs reached last week, dealers said. At 0851 IST, New York's main futures contract, light sweet crude for delivery in October, was 52 cents lower at USD 78.58 per barrel from USD 79.10 per barrel in late US trades Friday when the contract moved briefly to a new high at USD 80.36.
On Thursday it reached a record USD 80.20. Brent North Sea crude for November delivery was 27 cents lower at USD 75.95 a barrel. "Any attempt to consolidate over USD 80 was meeting a lot of resistance," said Dave Ernsberger, Asia director of Platts. Abdalla Salem El-Badri, chief of the Organisation of the Petroleum Exporting Countries (OPEC), said Friday that USD 80 a barrel for oil did not reflect the current demand and supply situation. "I don't think USD 80 (per barrel) will last," El-Badri told journalists in Vienna.
"The fundamentals do not support the price." OPEC decided last Tuesday to pump an extra 500,000 barrels of oil per day from November, and Ernsberger said the market was now moving towards USD 76 or 77 a barrel. "It looks like it's going to test that as a support level now," he said.
Prices began easing on Friday as the impact faded from Humberto, which hit the Texas coast at hurricane strength and then weakened, but still caused significant damage to the oil-producing area. News that US crude reserves had dived lower also helped boost crude prices to new heights.
On Thursday it reached a record USD 80.20. Brent North Sea crude for November delivery was 27 cents lower at USD 75.95 a barrel. "Any attempt to consolidate over USD 80 was meeting a lot of resistance," said Dave Ernsberger, Asia director of Platts. Abdalla Salem El-Badri, chief of the Organisation of the Petroleum Exporting Countries (OPEC), said Friday that USD 80 a barrel for oil did not reflect the current demand and supply situation. "I don't think USD 80 (per barrel) will last," El-Badri told journalists in Vienna.
"The fundamentals do not support the price." OPEC decided last Tuesday to pump an extra 500,000 barrels of oil per day from November, and Ernsberger said the market was now moving towards USD 76 or 77 a barrel. "It looks like it's going to test that as a support level now," he said.
Prices began easing on Friday as the impact faded from Humberto, which hit the Texas coast at hurricane strength and then weakened, but still caused significant damage to the oil-producing area. News that US crude reserves had dived lower also helped boost crude prices to new heights.
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