Oil prices rise in Asian trade, above $53 a barrel
Oil prices rose in Asian trade Thursday following an overnight decline on data showing that demand in the United States, the world's biggest energy consumer, remains weak.
By Agencies |
SINGAPORE: Oil prices rose in Asian trade Thursday following an overnight decline on data showing that demand in the United States, the world's biggest energy consumer, remains weak.
New York's main futures contract, light sweet crude for May delivery, gained 54 cents to $53.31 a barrel.
Brent North Sea crude for delivery in May advanced 76 cents to $52.51.
Jonathan Kornafel, Asian director of energy consultancy Hudson Capital, said Thursday's rise in oil prices was a technical rebound.
"This morning's rally is more of a technical rally," he said.
Oil prices fell in US trade Wednesday as traders digested news that US crude reserves surged by more than expected last week, indicating weak demand in the world's biggest economy.
The US Department of Energy said that American crude oil reserves jumped by 3.3 million barrels in the week ending March 20, against market expectations for a smaller gain of 1.3 million barrels.
Inventories could also go up during the second quarter, traditionally a season when demand eases, said Nic Brown of Natixis.
"Stock data will become increasingly important in the coming weeks," Brown said
New York's main futures contract, light sweet crude for May delivery, gained 54 cents to $53.31 a barrel.
Brent North Sea crude for delivery in May advanced 76 cents to $52.51.
Jonathan Kornafel, Asian director of energy consultancy Hudson Capital, said Thursday's rise in oil prices was a technical rebound.
"This morning's rally is more of a technical rally," he said.
Oil prices fell in US trade Wednesday as traders digested news that US crude reserves surged by more than expected last week, indicating weak demand in the world's biggest economy.
ADVERTISEMENT
The US Department of Energy said that American crude oil reserves jumped by 3.3 million barrels in the week ending March 20, against market expectations for a smaller gain of 1.3 million barrels.
Inventories could also go up during the second quarter, traditionally a season when demand eases, said Nic Brown of Natixis.
"Stock data will become increasingly important in the coming weeks," Brown said
Download
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
