Oil dips further as rally runs out of steam
Wednesday, 6 October 2010
SINGAPORE, Oct 5 (Commodity Online): Global oil prices extended losses in late Asian trade Tuesday on assumptions that last week's rally was overdone amid weaker local stocks.
Light sweet crude for November delivery was seen trading at $81.30 a barrel at 3.30 pm Singapore time while Brent crude for November was at $83.14 a barrel in London.
Analysts said the black gold was pressurised by a strengthening dollar and also by forecasts of higher crude and petrol stockpiles in the US.
In early Asian trade, the euro was at 1.3660 against the dollar, dropping from 1.3683 dollars in New York Monday. The dollar also gained against the Japanese currency to 83.49 yen from 83.38 Monday.
On Monday, oil prices were mixed as Iraq reported a sharp rise in proven oil reserves to rank it number three in the world.
New York's main contract, light sweet crude for delivery in November, rose 11 cents to close at $81.47 a barrel, after rising to $82.38 , its highest price in nearly two months.
London's Brent North Sea crude for November nevertheless lost 47 cents to end at $83.28.
Light sweet crude for November delivery was seen trading at $81.30 a barrel at 3.30 pm Singapore time while Brent crude for November was at $83.14 a barrel in London.
Analysts said the black gold was pressurised by a strengthening dollar and also by forecasts of higher crude and petrol stockpiles in the US.
In early Asian trade, the euro was at 1.3660 against the dollar, dropping from 1.3683 dollars in New York Monday. The dollar also gained against the Japanese currency to 83.49 yen from 83.38 Monday.
On Monday, oil prices were mixed as Iraq reported a sharp rise in proven oil reserves to rank it number three in the world.
New York's main contract, light sweet crude for delivery in November, rose 11 cents to close at $81.47 a barrel, after rising to $82.38 , its highest price in nearly two months.
London's Brent North Sea crude for November nevertheless lost 47 cents to end at $83.28.