Oil prices steady near $122
Oil prices have steadied in Asia after hitting a record in the previous session on worries over supply disruptions.
By Agencies |
SINGAPORE: Oil prices have steadied in Asia after hitting a record in the previous session on worries over supply disruptions.
Expectations that US crude supplies increased last week are keeping a lid on prices on Wednesday ahead of a US government report on fuel inventories.
Light, sweet crude for June delivery fell 4 cents to $121.80 a barrel in electronic trading on the New York Mercantile Exchange by midday in Singapore. The contract on Tuesday soared to a record $122.73 a barrel before retreating to settle at $121.84, up $1.87.
Expectations that US crude supplies increased last week are keeping a lid on prices on Wednesday ahead of a US government report on fuel inventories.
Light, sweet crude for June delivery fell 4 cents to $121.80 a barrel in electronic trading on the New York Mercantile Exchange by midday in Singapore. The contract on Tuesday soared to a record $122.73 a barrel before retreating to settle at $121.84, up $1.87.
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