Oil prices mixed in Asian trade
AFP, Singapore :
Oil prices were mixed in Asian trade Thursday as dealers weighed lingering concerns over the Ukraine crisis with a weaker-than-expected US stockpiles report, analysts said.
New York’s main contract, West Texas Intermediate for May delivery, was up 23 cents at $103.99 in mid-morning trade and Brent North Sea crude for June eased seven cents to $109.53.
Singapore-based Phillip Futures said events in Eastern Europe continued “to peg crude prices at elevated levels” ahead of Geneva talks on Thursday between Ukraine, Russia, the European Union and Washington.
Foreign ministers involved in the talks will seek to diffuse the tense situation in the east of the country, where government forces trying to reassert control have faced pro-Russian resistance.
Traders fear that any full-scale armed conflict in the region will disrupt supplies and send oil and gas prices rocketing because Ukraine is a major conduit for Russian gas to western Europe.
A failure of Thursday’s talks could result in another round of sanctions against Russia.
Singapore’s United Overseas Bank (UOB) said a weak US supply report was capping gains in oil prices.
The US Energy Information Administration’s weekly oil inventory report showed commercial crude stocks jumped 10 million barrels in the week to April 11, far above the 1.5 million barrel gain projected by analysts.
Oil prices were mixed in Asian trade Thursday as dealers weighed lingering concerns over the Ukraine crisis with a weaker-than-expected US stockpiles report, analysts said.
New York’s main contract, West Texas Intermediate for May delivery, was up 23 cents at $103.99 in mid-morning trade and Brent North Sea crude for June eased seven cents to $109.53.
Singapore-based Phillip Futures said events in Eastern Europe continued “to peg crude prices at elevated levels” ahead of Geneva talks on Thursday between Ukraine, Russia, the European Union and Washington.
Foreign ministers involved in the talks will seek to diffuse the tense situation in the east of the country, where government forces trying to reassert control have faced pro-Russian resistance.
Traders fear that any full-scale armed conflict in the region will disrupt supplies and send oil and gas prices rocketing because Ukraine is a major conduit for Russian gas to western Europe.
A failure of Thursday’s talks could result in another round of sanctions against Russia.
Singapore’s United Overseas Bank (UOB) said a weak US supply report was capping gains in oil prices.
The US Energy Information Administration’s weekly oil inventory report showed commercial crude stocks jumped 10 million barrels in the week to April 11, far above the 1.5 million barrel gain projected by analysts.