Wednesday, 17 October 2012 10:37
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 ...