Business Standard

Oil prices down in Asian trade

Attack by Islamic militants on an Algerian gas field kept prices supported

AFP/PTI  |  Singapore 

I / Singapore January 17, 2013, 10:22 IST

fell in Asian trade today on profit-taking and the restarting of a British pipeline but an attack by Islamic militants on an Algerian gas field kept prices supported.

New York's main contract, for delivery in February shed 17 cents to $94.07 a barrel after the contract rose to its highest levels since September on data showing strong US demand.

A report by the US Administration yesterday said oil stockpiles dropped by one million barrels in the week to January 11. Analysts had forecast a build of 2.1 million barrels.

for March delivery was down 94 cents to $109.67 in volatile trading that saw prices see-sawing. The February contract expired yesterday.

Analysts said oil prices were supported by rising geo-political concerns after Islamist gunmen killed two people and took 41 Western hostages yesterday in an attack on an Algerian gas field.

The gunmen said they were punishing Algeria, a member of the Organisation of Petroleum Exporting Countries (OPEC), for opening its airspace to French warplanes hitting Islamists in Mali.

"The latest news of the attacks put a geo-political risk premium into pricing," said Victor Shum, managing director of IHS Purvin and Gertz in Singapore.

The gas field, located close to the Libyan border, is jointly operated by British oil giant BP, Norway's Statoil and state-run Algerian energy firm Sonatrach.

Other analysts said the restart of a pipeline system in the North Sea also helped push Brent prices lower as it allayed supply concerns.

The pipeline, which services up to 27 oil fields, was shut yesterday following a platform leak.

RECOMMENDED FOR YOU

Oil prices down in Asian trade

Attack by Islamic militants on an Algerian gas field kept prices supported

Oil prices fell in Asian trade today on profit-taking and the restarting of a British pipeline but an attack by Islamic militants on an Algerian gas field kept prices supported. I / Singapore January 17, 2013, 10:22 IST

fell in Asian trade today on profit-taking and the restarting of a British pipeline but an attack by Islamic militants on an Algerian gas field kept prices supported.

New York's main contract, for delivery in February shed 17 cents to $94.07 a barrel after the contract rose to its highest levels since September on data showing strong US demand.

A report by the US Administration yesterday said oil stockpiles dropped by one million barrels in the week to January 11. Analysts had forecast a build of 2.1 million barrels.

for March delivery was down 94 cents to $109.67 in volatile trading that saw prices see-sawing. The February contract expired yesterday.

Analysts said oil prices were supported by rising geo-political concerns after Islamist gunmen killed two people and took 41 Western hostages yesterday in an attack on an Algerian gas field.

The gunmen said they were punishing Algeria, a member of the Organisation of Petroleum Exporting Countries (OPEC), for opening its airspace to French warplanes hitting Islamists in Mali.

"The latest news of the attacks put a geo-political risk premium into pricing," said Victor Shum, managing director of IHS Purvin and Gertz in Singapore.

The gas field, located close to the Libyan border, is jointly operated by British oil giant BP, Norway's Statoil and state-run Algerian energy firm Sonatrach.

Other analysts said the restart of a pipeline system in the North Sea also helped push Brent prices lower as it allayed supply concerns.

The pipeline, which services up to 27 oil fields, was shut yesterday following a platform leak.

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