Oil prices supported by dip in US distillate supplies

FE Team | Published: January 25, 2014 00:00:00 | Updated: November 30, 2026 06:01:00

SINGAPORE, Jan 24: Oil prices edged higher in Asian trade Friday as a surprisingly sharp decline in US distillate supplies last week buoyed forecasts of stronger demand in the world's top crude consumer, analysts said. New York's main contract, West Texas Intermediate for March delivery, was up 18 cents at $97.50 in afternoon trade while Brent North Sea crude for March rose eight cents at $107.66. The Department of Energy's weekly petroleum stockpiles report, delayed by a day by a US holiday Monday, showed a significant drawdown in distillate fuel as severe winter weather gripped North America. — AFP