Oil prices ease in Asia after strong US stockpiles report
Oil prices eased in Asia on Thursday after a stronger-than-expected US energy stockpiles report offset market worries over tensions in the oil-rich Middle East.
By Agencies |
SINGAPORE: Oil prices eased in Asia on Thursday after a stronger-than-expected US energy stockpiles report offset market worries over tensions in the oil-rich Middle East, dealers said.
New York's main futures contract, light sweet crude for delivery in November, was 11 cents lower at $87.29 a barrel in late morning trade.
"I think reality is coming back into play here," said Steve Rowles, an analyst with CFC Seymour in Hong Kong.
After six straight sessions of rising prices in New York, the contract finished lower there yesterday, settling at $87.40 per barrel after spiking to a new high of 89.00 dollars in intra-day trade.
The fresh peak came just after the Turkish parliament voted to allow military strikes against Kurdish rebels based in northern Iraq.
Brent crude for December delivery was 36 cents lower at $82.77 a barrel.
The Brent November contract expired on Tuesday after hitting an all-time high of $84.49.
Tensions along the Turkey-Iraq border helped oil prices gain more than four dollars this week before their pullback.
"The worst-case scenario was plaguing the market," Rowles said.
Turkish legislators yesterday approved a government motion seeking a one-year authorisation for one or more incursions into Iraq but the motion leaves it up to the government to determine the timing and scope of the operation and the number of troops to be sent.
New York's main futures contract, light sweet crude for delivery in November, was 11 cents lower at $87.29 a barrel in late morning trade.
"I think reality is coming back into play here," said Steve Rowles, an analyst with CFC Seymour in Hong Kong.
After six straight sessions of rising prices in New York, the contract finished lower there yesterday, settling at $87.40 per barrel after spiking to a new high of 89.00 dollars in intra-day trade.
The fresh peak came just after the Turkish parliament voted to allow military strikes against Kurdish rebels based in northern Iraq.
Brent crude for December delivery was 36 cents lower at $82.77 a barrel.
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The Brent November contract expired on Tuesday after hitting an all-time high of $84.49.
Tensions along the Turkey-Iraq border helped oil prices gain more than four dollars this week before their pullback.
"The worst-case scenario was plaguing the market," Rowles said.
Turkish legislators yesterday approved a government motion seeking a one-year authorisation for one or more incursions into Iraq but the motion leaves it up to the government to determine the timing and scope of the operation and the number of troops to be sent.
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