Oil rises in Asian trade
Friday, 7 May 2010
SINGAPORE, May 6 (AFP): Oil was higher in Asian trade today after falling sharply in recent days, boosted by Japanese traders returning to the market following a long holiday, analysts said.
New York's main contract, light sweet crude for June, was up 25 cents to 80.22 dollars a barrel, while Brent North Sea crude for June delivery gained 18 cents to 82.79 dollars.
Prices have slumped more than six dollars since touching 87.15 dollars Monday, the highest level since October 2008, as worries over the Greek debt crisis sent the dollar higher, analysts said.
The market was also weighed down by rising oil inventories in the US, indicating weakening demand in the world's largest energy consuming nation.
Data released Wednesday by the US Department of Energy showed crude stockpiles soared 2.8 million barrels last week. That was far greater than market expectations for a gain of around 700,000 barrels, according to analysts.
New York's main contract, light sweet crude for June, was up 25 cents to 80.22 dollars a barrel, while Brent North Sea crude for June delivery gained 18 cents to 82.79 dollars.
Prices have slumped more than six dollars since touching 87.15 dollars Monday, the highest level since October 2008, as worries over the Greek debt crisis sent the dollar higher, analysts said.
The market was also weighed down by rising oil inventories in the US, indicating weakening demand in the world's largest energy consuming nation.
Data released Wednesday by the US Department of Energy showed crude stockpiles soared 2.8 million barrels last week. That was far greater than market expectations for a gain of around 700,000 barrels, according to analysts.