Business Standard

Oil mixed in Asian trade

Geopolitical risks support prices but weaker crude demand caps gains

Related News

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.

Read more on:   
|
|
|

Read More

Oil prices up in Asian trade

Raised tensions in the crude-producing Middle East push up prices

Quick Links

 

Market News

More demand for cheaper diamond jewellery exports

Buyers pick up low priced ornaments this year compared to high priced ones earlier, producers rely on hopes

Weekly: Markets retain winning streak on Fed outcome

Dr Reddy's , Hero MotoCorp, TCS and Maruti among the top gainers

Di Bella Coffee brews second stint in India

Last year, Di Bella had terminated licence agreement with JV company Di Bella India

Markets retain winning streak on Fed outcome

Scotland's decision to stay in the United Kingdom helped the investor sentiment

Alibaba surges on massive demand in trading debut

Alibaba is nearly unknown to most Americans but is ubiquitous in China, where it is responsible for 80 percent of online sales

Back to Top