Oil prices higher in Asia as credit worries ease
Wednesday, 29 August 2007
SINGAPORE, Aug 28 (AFP): World oil prices traded slightly higher in Asia today after sharp gains in New York as fears receded about an economic crisis from US credit woes, dealers said.
New York's main oil futures contract, light sweet crude for delivery in October, was 23 cents higher at 72.20 dollars a barrel from 71.97 dollars in late US trades Monday.
Brent North Sea crude for October delivery was 24 cents higher at 71.19 dollars a barrel.
Oil markets were rattled in recent weeks by a lingering US housing crisis and fears it could crimp growth in the world's biggest oil-consuming nation.
An industry survey showed Monday that sales of existing US homes fell slightly in July to the lowest level in nearly five years as credit tightened amid rising foreclosures.
"Some of the fears... have sort of gone out of the oil market," said Tobin Gorey, a commodities strategist with Commonwealth Bank of Australia in Sydney.
New York's main oil futures contract, light sweet crude for delivery in October, was 23 cents higher at 72.20 dollars a barrel from 71.97 dollars in late US trades Monday.
Brent North Sea crude for October delivery was 24 cents higher at 71.19 dollars a barrel.
Oil markets were rattled in recent weeks by a lingering US housing crisis and fears it could crimp growth in the world's biggest oil-consuming nation.
An industry survey showed Monday that sales of existing US homes fell slightly in July to the lowest level in nearly five years as credit tightened amid rising foreclosures.
"Some of the fears... have sort of gone out of the oil market," said Tobin Gorey, a commodities strategist with Commonwealth Bank of Australia in Sydney.