Oil prices down ahead of US stockpiles report
Thursday, 27 February 2014
SINGAPORE, Feb 26 (AFP) : Oil prices eased in Asian trade Wednesday as dealers await the latest US crude stockpiles data for clues about demand in the world's biggest economy at the tail-end of a harsh winter.
New York's main contract, West Texas Intermediate for April delivery, eased 13 cents to $101.70 in afternoon trade. Brent North Sea crude for April was down 16 cents at $109.35.
"What investors are really focused on right now is an accurate picture of US demand going forward," David Lennox, resource analyst at Fat Prophets in Sydney, told AFP.
"The US has not been performing as well as we would like considering the fact that it is the world's biggest economy and top oil consumer," he said.
Lennox added that demand for "finished petroleum products" such as heating oil-which has seen increased consumption during winter-would likely taper as spring approaches.