Oil prices continue to fall in subdued Asian trade
Thursday, 5 July 2007
SINGAPORE, July 4 (AFP): Oil prices continued lower in subdued Asian trade tosday, with the market quiet due to the US Independence Day holiday and ahead of a weekly US energy inventory report, dealers said.
New York's main oil futures contract, light sweet crude for delivery in August, was down 21 cents at 71.20 dollars a barrel.
Brent North Sea crude for August was three cents lower at 72.90 dollars.
"People are waiting for the US inventory data," said Tetsu Emori, chief commodities strategist at Mitsui Bussan Futures in Tokyo.
He said the market was subdued because of the US July 4 holiday and players were reluctant to take positions.
The weekly US Department of Energy (DoE) report on energy stockpiles was to be issued a day later than usual, Thursday, because of the holiday.
Gasoline (petrol) reserves have been in focus because of the US summer driving season when demand typically peaks as many Americans take to the roads for their annual holidays, particularly around July 4.
The International Energy Agency (IEA), a policy adviser to 26 member countries, expressed disappointment Monday that many refineries, particularly in the United States, seemed unable to process sufficient quantities of crude oil.
Iran also admitted Tuesday that international sanctions imposed over its controversial nuclear programme were harming its ability to invest in oil infrastructure, the backbone of its economy.
Despite being the world's fourth largest oil producer, Iran has had to resort to imports for 40 per cent of its petrol needs in recent years because of a lack of refining capacity.
New York's main oil futures contract, light sweet crude for delivery in August, was down 21 cents at 71.20 dollars a barrel.
Brent North Sea crude for August was three cents lower at 72.90 dollars.
"People are waiting for the US inventory data," said Tetsu Emori, chief commodities strategist at Mitsui Bussan Futures in Tokyo.
He said the market was subdued because of the US July 4 holiday and players were reluctant to take positions.
The weekly US Department of Energy (DoE) report on energy stockpiles was to be issued a day later than usual, Thursday, because of the holiday.
Gasoline (petrol) reserves have been in focus because of the US summer driving season when demand typically peaks as many Americans take to the roads for their annual holidays, particularly around July 4.
The International Energy Agency (IEA), a policy adviser to 26 member countries, expressed disappointment Monday that many refineries, particularly in the United States, seemed unable to process sufficient quantities of crude oil.
Iran also admitted Tuesday that international sanctions imposed over its controversial nuclear programme were harming its ability to invest in oil infrastructure, the backbone of its economy.
Despite being the world's fourth largest oil producer, Iran has had to resort to imports for 40 per cent of its petrol needs in recent years because of a lack of refining capacity.