You are here: Home » Markets » Commodities » Energy
Business Standard

Crude up in Asia on US stockpile fall

The API data yesterday showed US inventories falling by more than 1.9 million barrels last week

Press Trust of India  |  Singapore 

Oil prices rose in Asian trade today on an unexpected fall in US crude stockpiles, analysts said.

New York's main contract, light sweet crude for delivery in January rose 52 cents to $87.27 a barrel and Brent North Sea crude for January delivery added 62 cents to $110.45.

The black gold received support from "the American Petroleum Institute (API) report showing a stock drawdown", said Victor Shum, senior principal of Purvin and Gertz consultants in Singapore.

"What's driving it is primarily the report from the API showing a inventory draw," he told AFP.

The API data yesterday showed US inventories falling by more than 1.9 million barrels last week, compared with analyst projections of a 900,000 barrel gain.

This indicates a pickup in demand in the world's largest economy and oil consumer.

First Published: Wed, November 21 2012. 09:36 IST
RECOMMENDED FOR YOU