Oil prices lower ahead of US report
Thursday, 14 June 2007
SINGAPORE, June 13 (AFP): Oil prices were lower in Asian trade today as the market awaited US inventory data expected to show further builds in gasoline (petrol) stocks, dealers said.
New York's main oil futures contract, light sweet crude for delivery in July, was down 28 cents at 65.07 dollars a barrel from 65.35 dollars in late US trades Tuesday.
Brent North Sea crude for July was off 22 cents at 68.57 dollars.
Steve Rowles, an analyst with CFC Seymour in Hong Kong, said the market was on hold until the release of the US weekly inventory report later Wednesday.
Gasoline remains in focus during the current US driving season when American holidaymakers hit the nation's highways and demand traditionally peaks.
The IEA, which acts as energy policy adviser to 26 member countries, revised up its global oil demand growth forecast to two per cent this year.
Jim Ritterbusch, president of Ritterbusch & Associates, said during US trading hours that the market viewed the weekly US inventory numbers "as more important than the IEA report."
The IEA warned that oil market supplies would be tight in the second half of this year, which risked pushing up prices.
Instability in oil-rich Nigeria has helped to provide some immediate price support.
New York's main oil futures contract, light sweet crude for delivery in July, was down 28 cents at 65.07 dollars a barrel from 65.35 dollars in late US trades Tuesday.
Brent North Sea crude for July was off 22 cents at 68.57 dollars.
Steve Rowles, an analyst with CFC Seymour in Hong Kong, said the market was on hold until the release of the US weekly inventory report later Wednesday.
Gasoline remains in focus during the current US driving season when American holidaymakers hit the nation's highways and demand traditionally peaks.
The IEA, which acts as energy policy adviser to 26 member countries, revised up its global oil demand growth forecast to two per cent this year.
Jim Ritterbusch, president of Ritterbusch & Associates, said during US trading hours that the market viewed the weekly US inventory numbers "as more important than the IEA report."
The IEA warned that oil market supplies would be tight in the second half of this year, which risked pushing up prices.
Instability in oil-rich Nigeria has helped to provide some immediate price support.