Oil prices up in volatile Asian trade
Friday, 1 May 2009
SINGAPORE, Apr 30 (AFP): Oil prices were higher in volatile Asian trade Thursday amid concerns the spread of swine flu could dampen hopes of an economic recovery in the recession- hit US economy.
New York's main futures contract, light sweet crude for June delivery, gained 55 cents to 51.52 dollars a barrel in the afternoon.
Brent North Sea crude for delivery in June rose 38 cents to 51.16 dollars.
Dave Ernsberger, senior editorial director at energy information provider Platts, said "the fundamental data from the oil market is fairly supportive now."
He was referring to the larger-than-expected decrease in US gasoline stockpiles released on Wednesday, indicating stronger demand in the world's biggest economy.
But Ernsberger also warned that signs of an economic recovery risked "being completely derailed by the swine flu."
The World Health Organization (WHO) raised its flu alert on Wednesday signalling a swine flu pandemic was "imminent" as more nations confirmed cases of the disease that has spread around the world in a matter of days.
"All countries should immediately now activate their pandemic preparedness plans," WHO chief Margaret Chan said as she raised the alert to five on a scale of six following WHO health expert talks in Geneva.
New York's main futures contract, light sweet crude for June delivery, gained 55 cents to 51.52 dollars a barrel in the afternoon.
Brent North Sea crude for delivery in June rose 38 cents to 51.16 dollars.
Dave Ernsberger, senior editorial director at energy information provider Platts, said "the fundamental data from the oil market is fairly supportive now."
He was referring to the larger-than-expected decrease in US gasoline stockpiles released on Wednesday, indicating stronger demand in the world's biggest economy.
But Ernsberger also warned that signs of an economic recovery risked "being completely derailed by the swine flu."
The World Health Organization (WHO) raised its flu alert on Wednesday signalling a swine flu pandemic was "imminent" as more nations confirmed cases of the disease that has spread around the world in a matter of days.
"All countries should immediately now activate their pandemic preparedness plans," WHO chief Margaret Chan said as she raised the alert to five on a scale of six following WHO health expert talks in Geneva.