Oil prices easier in Asian trade
Wednesday, 11 July 2007
SINGAPORE, July 10 (AFP): Oil prices were easier in Asian trade today after rising sharply overnight following a warning of a looming supply crunch from the IEA, dealers said.
They said the market was also waiting for the US government's regular weekly report on energy inventories due out Wednesday.
New York's main contract, light sweet crude for August delivery, was three cents lower at 72.16 US dollars a barrel from 72.19 dollars in late US trades Monday.
Brent North Sea crude for August delivery fell 33 cents to 75.45 dollars.
Oil prices have been edging closer to last summer's all-time record highs of 78.64 dollars per barrel in London and 78.40 dollars in New York, and the International Energy Agency (IEA) Monday added to the bullish outlook.
It warned that the Organisation of the Petroleum Exporting Countries' (OPEC) spare production capacity would shrink to bare-bones levels by 2012 amid robust economic growth, particularly in Asia and the Middle East.
They said the market was also waiting for the US government's regular weekly report on energy inventories due out Wednesday.
New York's main contract, light sweet crude for August delivery, was three cents lower at 72.16 US dollars a barrel from 72.19 dollars in late US trades Monday.
Brent North Sea crude for August delivery fell 33 cents to 75.45 dollars.
Oil prices have been edging closer to last summer's all-time record highs of 78.64 dollars per barrel in London and 78.40 dollars in New York, and the International Energy Agency (IEA) Monday added to the bullish outlook.
It warned that the Organisation of the Petroleum Exporting Countries' (OPEC) spare production capacity would shrink to bare-bones levels by 2012 amid robust economic growth, particularly in Asia and the Middle East.