SINGAPORE, Dec 23 (AFP): Oil prices nudged higher in Asia Tuesday on hopes of improved US economy figures, but analysts said gains would be capped with dealers squaring positions for the end of the year.
US benchmark West Texas Intermediate for February delivery gained 64 cents to $55.90 while Brent crude for February was up 33 cents to $60.44 in afternoon trade.
"We could see oil move slightly up today as investors expect the US third-quarter GDP figures to be revised upwards," Daniel Ang, investment analyst at Phillip Futures in Singapore, told AFP.
The US Commerce Department will release the latest gross domestic product estimates later on Tuesday.
Economists surveyed by the Wall Street Journal expect the agency to say the US economy grew at a seasonally adjusted rate of 4.3 per cent in the July-September quarter, up from its previous estimate of 3.9 per cent.
US economic data is closely watched by crude investors as the country is the world's biggest oil consuming nation.
Ang said gains would be tempered however, with many dealers "closing their positions before Christmas and waiting for the new year before starting trading again".
Oil edges higher ahead of fresh US economic data
FE Team | Published: December 24, 2014 00:00:00 | Updated: November 30, 2026 06:01:00
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