Oil mixed in Asian trade on global uncertainty
Oil prices were mixed in Asian trade as the dollar eased against the yen and the euro, paring earlier losses following weak economic data in the US and China, analysts said.
By Agencies |
SINGAPORE: Oil prices were mixed in Asian trade as the dollar eased against the yen and the euro, paring earlier losses following weak economic data in the US and China, analysts said.
New York's main contract, light sweet crude for delivery in August, added 11 cents to $76.08 a barrel, while London's Brent North Sea crude for August was down two cents to $75.42.
Analysts said prices were rising due to a weaker greenback, which makes dollar-priced oil cheaper for buyers using stronger currencies, lifting demand.
The euro was changing hands at $1.2214 in Tokyo afternoon trade, up from 1.2186 in New York late Tuesday. Earlier, it had dropped to $1.2152, its lowest since June 14.
The dollar was trading at 88.49 yen, down from 88.57 in New York.
"The oil market is really trying to get to the mid-point of the $70-80 range," said Victor Shum, senior principal with the Purvin and Gertz energy consultancy in Singapore.
"If there is no particular news driving either bullish or bearish sentiment, that seems to be a point the market is driving to," Shum said.
Oil prices however remained pressured as investors remained cautious after reports showing sagging American consumer confidence and weaker Chinese economic indicators.
The Conference Board, a US business research firm, on Tuesday revised the April Leading Economic Indicator for China to 0.3 per cent from 1.7 per cent.
The board also announced that US consumer confidence had tumbled in June after three consecutive monthly rises amid increasing US economic uncertainty and unemployment concerns.
"The outlook remains uncertain and there is still significant potential for volatility," said David Moore, a commodity strategist with the Commonwealth Bank of Australia.
Moore said investors will next turn to manufacturing data from the US due Thursday for a clearer sign of demand in the world's largest oil-consuming nation.
New York's main contract, light sweet crude for delivery in August, added 11 cents to $76.08 a barrel, while London's Brent North Sea crude for August was down two cents to $75.42.
Analysts said prices were rising due to a weaker greenback, which makes dollar-priced oil cheaper for buyers using stronger currencies, lifting demand.
The euro was changing hands at $1.2214 in Tokyo afternoon trade, up from 1.2186 in New York late Tuesday. Earlier, it had dropped to $1.2152, its lowest since June 14.
The dollar was trading at 88.49 yen, down from 88.57 in New York.
"The oil market is really trying to get to the mid-point of the $70-80 range," said Victor Shum, senior principal with the Purvin and Gertz energy consultancy in Singapore.
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"If there is no particular news driving either bullish or bearish sentiment, that seems to be a point the market is driving to," Shum said.
Oil prices however remained pressured as investors remained cautious after reports showing sagging American consumer confidence and weaker Chinese economic indicators.
The Conference Board, a US business research firm, on Tuesday revised the April Leading Economic Indicator for China to 0.3 per cent from 1.7 per cent.
The board also announced that US consumer confidence had tumbled in June after three consecutive monthly rises amid increasing US economic uncertainty and unemployment concerns.
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"The outlook remains uncertain and there is still significant potential for volatility," said David Moore, a commodity strategist with the Commonwealth Bank of Australia.
Moore said investors will next turn to manufacturing data from the US due Thursday for a clearer sign of demand in the world's largest oil-consuming nation.
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