Business Standard

Oil mixed in Asian trade

Geopolitical risks support prices but weaker crude demand caps gains

AFP/PTI  |  Singapore 

I / Singapore January 22, 2013, 10:04 IST

were mixed in Asian trade today on geopolitical concerns triggered by a bloody showdown between Islamists and Algerian forces, with weaker crude demand capping gains.

New York's main contract, for delivery in February, was down six cents to $95.50 a barrel while for March delivery gained 19 cents to $111.90.

"On one hand, we have geopolitical risks that are supporting prices," said Victor Shum, managing director at IHS Purvin and Gertz in Singapore.

But he said price rises were being limited by oversupply amid weaker demand, saying there were fears of "an oversupply in the physical market that puts downward pressure on oil".

There are also worries in the market of a supply disruption following the seizure by Islamic militants of a gas field in and a bloody rescue mounted by government forces.

Algeria is a member of the OPEC oil cartel and analysts fear that any escalation of the conflict could lead to supply disruptions.

Algerian Prime Minister Abdelmalek Sellal said 37 foreigners of eight nationalities were killed by the militants in the well-planned attack on the remote facility, some of them executed with a bullet to the head.

A total of 29 Islamists were killed and three captured in the siege, which ended in a final showdown on Saturday between special forces and the remaining militants holed up in the sprawling gas complex.

RECOMMENDED FOR YOU

Oil mixed in Asian trade

Geopolitical risks support prices but weaker crude demand caps gains

Oil prices were mixed in Asian trade today on geopolitical concerns triggered by a bloody showdown between Islamists and Algerian forces, with weaker crude demand capping gains. I / Singapore January 22, 2013, 10:04 IST

were mixed in Asian trade today on geopolitical concerns triggered by a bloody showdown between Islamists and Algerian forces, with weaker crude demand capping gains.

New York's main contract, for delivery in February, was down six cents to $95.50 a barrel while for March delivery gained 19 cents to $111.90.

"On one hand, we have geopolitical risks that are supporting prices," said Victor Shum, managing director at IHS Purvin and Gertz in Singapore.

But he said price rises were being limited by oversupply amid weaker demand, saying there were fears of "an oversupply in the physical market that puts downward pressure on oil".

There are also worries in the market of a supply disruption following the seizure by Islamic militants of a gas field in and a bloody rescue mounted by government forces.

Algeria is a member of the OPEC oil cartel and analysts fear that any escalation of the conflict could lead to supply disruptions.

Algerian Prime Minister Abdelmalek Sellal said 37 foreigners of eight nationalities were killed by the militants in the well-planned attack on the remote facility, some of them executed with a bullet to the head.

A total of 29 Islamists were killed and three captured in the siege, which ended in a final showdown on Saturday between special forces and the remaining militants holed up in the sprawling gas complex.

image

LIVE MARKET

BSE

  ( %)

NSE

  ( %)

Widgets Magazine

More News

STOCK WATCH

Company Price() Chg(%)
I D F C 46.80 11.69
SE Investments 198.00 9.39
Marksans Pharma 50.65 7.20
Indbull.RealEst. 76.40 6.85
V-Guard Inds. 1266.65 6.72
> More on BSE Gainers
Company Price() Chg(%)
I D F C 46.75 11.44
Marksans Pharma 50.50 6.88
Indbull.RealEst. 76.30 6.86
Emami 1045.05 6.83
Birla Corpn. 401.35 6.37
> More on NSE Gainers
Company Price() Chg(%)
Inox Wind 241.80 -16.92
Rain Industries 31.45 -12.76
Castex Tech 7.29 -4.95
Guj Fluorochem 517.50 -4.84
Dishman Pharma. 153.40 -4.75
> More on BSE Gainers
Company Price() Chg(%)
ABG Shipyard 30.80 -19.90
Inox Wind 241.55 -17.12
Rain Industries 31.40 -12.90
Nitin Fire Prot. 35.10 -4.75
Aarti Drugs 464.45 -4.68
> More on NSE Gainers
Widgets Magazine
Widgets Magazine
Widgets Magazine

Derivatives

Index
Instrument Type
Expiry Date
Option Type
Strike Price

Premium Services

In Partnership with

 

Dear Guest,

 

Welcome to the premium services of Business Standard brought to you courtesy FIS.
Kindly visit the Manage my subscription page to discover the benefits of this programme.

Enjoy Reading!
Team Business Standard