Wednesday, 17 October 2012 10:37
Posted by Imaduddin
SINGAPORE: Oil prices were mixed in Asia Wednesday as traders weighed global economic woes and an uptick in US crude inventories against positive developments in Europe, analysts said.
New York's main contract, light sweet crude for delivery in November, rose 16 cents to $92.25 in the afternoon while Brent North Sea crude for December delivery shed five cents to $113.95.
Traders were "filter(ing) through the full impact of slow growth, increasing US stockpiles and the potential for positive eurozone progress", said Jason Hughes, head of premium client management for IG Markets Singapore.
Data released by the American Petroleum Institute showed crude stockpiles in the US -- the world's largest oil consumer -- rising 3.7 million barrels last week, higher than analyst projections of a two million barrel gain.
But crude prices were kept from falling after ratings agency Moody's late Tuesday decided not to cut Madrid's credit rating, citing its commitment to reforms and ...
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SINGAPORE: Oil prices were mixed in Asia Wednesday as traders weighed global economic woes and an uptick in US crude inventories against positive developments in Europe, analysts said.
New York's main contract, light sweet crude for delivery in November, rose 16 cents to $92.25 in the afternoon while Brent North Sea crude for December delivery shed five cents to $113.95.
Traders were "filter(ing) through the full impact of slow growth, increasing US stockpiles and the potential for positive eurozone progress", said Jason Hughes, head of premium client management for IG Markets Singapore.
Data released by the American Petroleum Institute showed crude stockpiles in the US -- the world's largest oil consumer -- rising 3.7 million barrels last week, higher than analyst projections of a two million barrel gain.
But crude prices were kept from falling after ratings agency Moody's late Tuesday decided not to cut Madrid's credit rating, citing its commitment to reforms and ...
SINGAPORE: Brent oil is likely to drop to $112.94 per barrel, a break below which will lead to a further loss to $111.94.
A five-wave cycle starting at $107.67 has completed at $116.20, and a Fibonacci retracement analysis reveals a target at $112.94, the 38.2 percent level.
The 50 percent level at $111.94 will become available if the support at $112.94 fails to hold the fall.
It seems Brent oil and WTI are moving in different directions, causing ...
SINGAPORE: Crude turned higher in Asia on Tuesday supported by tighter European Union sanctions against Iran, but analysts said global economic concerns were putting a lid on prices.
New York's main contract, light sweet crude for November delivery was up 11 cents to $91.96 a barrel, reversing earlier losses, while Brent North Sea crude for November climbed six cents to $115.86.
"We have concerns about the economy, in particular Europe exerting downward pressure, but supporting oil are ...
SINGAPORE: Brent crude held above $115 a barrel on Friday, trading near four-week highs and on course for its biggest weekly gain in two months, supported by tensions between Turkey and Syria, lower output at North Sea oilfields and upbeat US data.
US jobless claims last week fell to the lowest level in more than four years, brightening the economic outlook for the world's largest oil consumer after forecasts of slower global growth from the IMF ...
