World oil prices flat in Asia
Friday, 31 August 2007
SINGAPORE, Aug 30 (AFP): World oil prices traded flat in Asia today as the market weighed surprisingly steep declines in US energy stockpiles and the potential of weaker global demand amid financial turbulence.
New York's main futures contract, light sweet crude for delivery in October, was four cents higher at 73.55 dollars a barrel after soaring 1.78 dollars to 73.51 dollars per barrel in late US trades Wednesday.
Brent North Sea crude for October delivery was a penny higher at 72.14 dollars a barrel.
In a weekly report, the US Department of Energy (DoE) said American crude oil inventories plunged 3.5 million barrels in the week ended August 24.
That was nearly six times more than the analyst consensus forecast of a 600,000-barrel drop.
The DoE added that US gasoline inventories dived by 3.6 million barrels, sharper than the forecast of 2.5 million barrels.
New York's main futures contract, light sweet crude for delivery in October, was four cents higher at 73.55 dollars a barrel after soaring 1.78 dollars to 73.51 dollars per barrel in late US trades Wednesday.
Brent North Sea crude for October delivery was a penny higher at 72.14 dollars a barrel.
In a weekly report, the US Department of Energy (DoE) said American crude oil inventories plunged 3.5 million barrels in the week ended August 24.
That was nearly six times more than the analyst consensus forecast of a 600,000-barrel drop.
The DoE added that US gasoline inventories dived by 3.6 million barrels, sharper than the forecast of 2.5 million barrels.