Oil prices marginally higher ahead of Bernanke speech
World oil prices traded only marginally higher in Asia ahead of US Fed Chairman Ben Bernanke's speech.
By Agencies |
SINGAPORE: World oil prices traded only marginally higher in Asia on Friday ahead of a key speech by US Federal Reserve chairman Ben Bernanke, dealers said.
At 8:57 am (0057 GMT), New York's main futures contract, light sweet crude for delivery in October, was nine cents higher at 73.45 dollars a barrel.
The price of Brent North Sea crude was not immediately available.
Concerns over US economic health continue to affect oil trading, and dealers would be watching what Bernanke says in his speech, late Friday in Asian time, said David Moore, a commodities strategist with Commonwealth Bank
of Australia in Sydney.
"It will be important in setting the tone... of adjusting the expectations of what the Fed may or may not do," Moore said.
The equity markets will be on tenterhooks to see if Bernanke drops clues on possible interest rate moves, after fresh reports of US mortgage and credit problems played havoc with investor nerves on Thursday.
At 8:57 am (0057 GMT), New York's main futures contract, light sweet crude for delivery in October, was nine cents higher at 73.45 dollars a barrel.
The price of Brent North Sea crude was not immediately available.
Concerns over US economic health continue to affect oil trading, and dealers would be watching what Bernanke says in his speech, late Friday in Asian time, said David Moore, a commodities strategist with Commonwealth Bank
of Australia in Sydney.
"It will be important in setting the tone... of adjusting the expectations of what the Fed may or may not do," Moore said.
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Worries about oil demand in the United States, the world's biggest energy consumer, resurfaced Tuesday after a monthly survey showed US consumer confidence had fallen amid a deepening housing market crisis.The equity markets will be on tenterhooks to see if Bernanke drops clues on possible interest rate moves, after fresh reports of US mortgage and credit problems played havoc with investor nerves on Thursday.
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