Oil remains lower in Asian trade
Thursday, 24 June 2010
SINGAPORE, June 23 (Commodity Online): World oil prices remained lower in Asian trade Wednesday mainly after reports of gains in crude and petrol inventories in the US.
Light sweet crude for August delivery was seen trading at $77.34 a barrel at 11.30 am Singapore time while Brent crude for August delivery was at $77.67 a barrel in London.
US crude for July delivery expired at the end of trading session Tuesday.
Crude stockpiles in the US rose 3.7 million barrels last week, the American Petroleum Institute said Tuesday, while gasoline supplies climbed 810,000 barrels.
US stockpiles of distillates including heating oil and diesel rose 1.1 million barrels last week, the API said, broadly in line with analyst forecasts.
US crude prices have recovered about 20 per cent from a trough below $65 a barrel a month ago, but are still about $10 lower than an early-May 19-month peak above $87.
Crude stockpiles in the US rose 3.7 million barrels last week, the American Petroleum Institute said Tuesday, while gasoline supplies climbed 810,000 barrels.
US stockpiles of distillates including heating oil and diesel rose 1.1 million barrels last week, the API said, broadly in line with analyst forecasts.
The US Energy Information Administration will release its weekly report later Wednesday.
The oil market showed little reaction to the publication of the yuan's trading range mid-point Wednesday, even after the central bank of China set it slightly stronger than Tuesday's close.
Light sweet crude for August delivery was seen trading at $77.34 a barrel at 11.30 am Singapore time while Brent crude for August delivery was at $77.67 a barrel in London.
US crude for July delivery expired at the end of trading session Tuesday.
Crude stockpiles in the US rose 3.7 million barrels last week, the American Petroleum Institute said Tuesday, while gasoline supplies climbed 810,000 barrels.
US stockpiles of distillates including heating oil and diesel rose 1.1 million barrels last week, the API said, broadly in line with analyst forecasts.
US crude prices have recovered about 20 per cent from a trough below $65 a barrel a month ago, but are still about $10 lower than an early-May 19-month peak above $87.
Crude stockpiles in the US rose 3.7 million barrels last week, the American Petroleum Institute said Tuesday, while gasoline supplies climbed 810,000 barrels.
US stockpiles of distillates including heating oil and diesel rose 1.1 million barrels last week, the API said, broadly in line with analyst forecasts.
The US Energy Information Administration will release its weekly report later Wednesday.
The oil market showed little reaction to the publication of the yuan's trading range mid-point Wednesday, even after the central bank of China set it slightly stronger than Tuesday's close.