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Oil mixed in Asian trade

Thursday, 29 Jul, 2010 9:38 am

SINGAPORE : Oil prices were mixed in range-bound Asian trade on Thursday, with sentiment weighed down by slower energy demand in the United States and weaker Asian stock markets.

Analysts said it was unlikely oil prices would break out of the psychological 80-dollar level in the near term as the global recovery from recession still faces several challenges.

In addition, oil-consuming and -producing nations appear to be comfortable with the current price range of between 70-80 dollars a barrel, they said.

New York's main contract, light sweet crude for delivery in September, was up six cents to 77.05 dollars a barrel in morning trade.

London's Brent North Sea crude for September was down five cents to 76.01 dollars.

"There is no factor to buy crude oil at the moment," said Ken Hasegawa, energy desk manager at Newedge brokerage in Tokyo, referring to fading US consumer confidence and softer Asian stock markets.

"There is no direction especially in Asian hours. Investors are waiting for London to open," he told AFP.

"We need a very strong recovery worldwide in order to see a sharp rise in oil prices."

Reports of a sharp and unexpected jump in US crude stockpiles further soured the oil market, which was already suffering from the effects of weakening American consumer confidence.

The US Department of Energy said crude oil inventories jumped 7.3 million barrels last week. Analysts had expected a drop of 1.4 million barrels.

Gasoline stockpiles rose by 100,000 barrels, below analyst expectations for a build of 500,000 barrels, and distillates, which includes heating oil and diesel, rose by 900,000 barrels.

The United States is the top energy consuming nation and its consumption patterns are a key influence on the oil market.

Copyright AFP (Agence France-Presse), 2010

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