Oil eases in Asia after overnight gains
Wednesday, 10 February 2010
SINGAPORE, Feb 09 (Commodity Online): World oil prices edged down in Asian trade Tuesday mainly on concerns over energy demand.
Light sweet crude for March delivery was seen trading at $71.51 a barrel at 11.30 am Singapore time while Brent crude was at $ 69.85 a barrel at the same time.
Analysts said, oil prices have lost nearly 10 per cent this year, dragged down by data showing bulging fuel stockpiles in the United States despite cold weather.
On Monday, oil prices recovered slightly after a massive sell-off last week that was triggered by weak US jobs data and debt woes in the Eurozone.
New York's main futures contract, light sweet crude for delivery in March, climbed 70 cents to $71.89 a barrel after shedding six dollars last week.
London's Brent North Sea crude for March gained 52 cents to $70.11 a barrel.
The euro inched up against the dollar Tuesday, but remained within sight of an eight month low hit last week, due to concerns over sovereign credit risks in the euro zone.
Investors await a special European Union summit on the economy Thursday as the bloc grapples with a debt crisis in Greece and budget woes in other member states.
Over the past year, oil prices have frequently weakened as the dollar firmed, at times signaling a flight to safer havens by investors.
The market will also await the release of weekly US oil inventory data from the American Petroleum Institute (API), due later Tuesday, for further clues on the recovery in demand from the world's top energy consumer.
Light sweet crude for March delivery was seen trading at $71.51 a barrel at 11.30 am Singapore time while Brent crude was at $ 69.85 a barrel at the same time.
Analysts said, oil prices have lost nearly 10 per cent this year, dragged down by data showing bulging fuel stockpiles in the United States despite cold weather.
On Monday, oil prices recovered slightly after a massive sell-off last week that was triggered by weak US jobs data and debt woes in the Eurozone.
New York's main futures contract, light sweet crude for delivery in March, climbed 70 cents to $71.89 a barrel after shedding six dollars last week.
London's Brent North Sea crude for March gained 52 cents to $70.11 a barrel.
The euro inched up against the dollar Tuesday, but remained within sight of an eight month low hit last week, due to concerns over sovereign credit risks in the euro zone.
Investors await a special European Union summit on the economy Thursday as the bloc grapples with a debt crisis in Greece and budget woes in other member states.
Over the past year, oil prices have frequently weakened as the dollar firmed, at times signaling a flight to safer havens by investors.
The market will also await the release of weekly US oil inventory data from the American Petroleum Institute (API), due later Tuesday, for further clues on the recovery in demand from the world's top energy consumer.