Oil eases in Asian trade
Thursday, 23 July 2009
SINGAPORE, July 22 (AFP): Oil eased in Asian trade today after recent gains fuelled largely by an upsurge in global stock markets, analysts said.
New York's main contract, light sweet crude for September delivery, fell 49 cents to 65.12 dollars a barrel. Brent North Sea crude for September delivery was 46 cents weaker at 66.41 dollars.
The US Department of Energy (DoE) was to release its weekly oil reserves report later Wednesday with investors having already priced in a likely drop in crude stocks, analysts said.
A drop in US crude stocks is seen as an indication of demand picking up in the world's biggest energy user.
Beyond the DoE report, investors were closely watching US Federal Reserve chairman Ben Bernanke's ongoing semi-annual economic report to Congress for clues on the state of the US economy.
Bernanke told lawmakers Tuesday there were "notable improvements" in financial markets and a somewhat brighter economic outlook but considerable risks led by high unemployment.
"In light of the substantial economic slack and limited inflation pressures, monetary policy remains focused on fostering economic recovery," Bernanke told the House of Representatives Financial Services Committee.
New York's main contract, light sweet crude for September delivery, fell 49 cents to 65.12 dollars a barrel. Brent North Sea crude for September delivery was 46 cents weaker at 66.41 dollars.
The US Department of Energy (DoE) was to release its weekly oil reserves report later Wednesday with investors having already priced in a likely drop in crude stocks, analysts said.
A drop in US crude stocks is seen as an indication of demand picking up in the world's biggest energy user.
Beyond the DoE report, investors were closely watching US Federal Reserve chairman Ben Bernanke's ongoing semi-annual economic report to Congress for clues on the state of the US economy.
Bernanke told lawmakers Tuesday there were "notable improvements" in financial markets and a somewhat brighter economic outlook but considerable risks led by high unemployment.
"In light of the substantial economic slack and limited inflation pressures, monetary policy remains focused on fostering economic recovery," Bernanke told the House of Representatives Financial Services Committee.