Business Standard

Oil prices rebound in Asian trade

Both contracts had tumbled more than $2 yesterday in United States as traders absorbed poor global economic data

Related News

climbed in today following heavy losses in New York trade stoked by a rise in stockpiles and concerns about the global economy, analysts said.

New York's main contract, for delivery in April gained 37 cents to $93.21 a barrel and Brent North Sea crude for delivery in April added 61 cents to $114.14.

"It is possible that we do have the bargain hunters looking to pick up oil at these levels," said Jason Hughes, head of premium client management at IG Markets in Singapore.

Both contracts had tumbled more than $2 yesterday in the United States as traders absorbed poor US jobs data, signs of weaker-than-expected US crude demand and a fall in eurozone business activity.

The US Labor Department said initial jobless claims rose to 3,62,000 in the week ending February 16, more than the analyst estimate of 3,58,000.

US crude inventories also rose by 4.1 million barrels in the week ending February 15, data released by the Department of Energy yesterday showed.

That was more than double market expectations for a gain of 1.7 million barrels, according to analysts polled by Dow Jones Newswires.

An increase in crude inventories puts a downward pressure on oil prices.

Read more on:   
|
|
|
|

Oil prices rebound in Asian trade

Both contracts had tumbled more than $2 yesterday in United States as traders absorbed poor global economic data

Oil prices climbed in Asian trade today following heavy losses in New York trade stoked by a rise in stockpiles and concerns about the global economy, analysts said.
Oil prices climbed in Asian trade today following heavy losses in New York trade stoked by a rise in stockpiles and concerns about the global economy, analysts said.

New York's main contract, light sweet crude for delivery in April gained 37 cents to $93.21 a barrel and Brent North Sea crude for delivery in April added 61 cents to $114.14.

"It is possible that we do have the bargain hunters looking to pick up oil at these levels," said Jason Hughes, head of premium client management at IG Markets in Singapore.

Both contracts had tumbled more than $2 yesterday in the United States as traders absorbed poor US jobs data, signs of weaker-than-expected US crude demand and a fall in eurozone business activity.

The US Labor Department said initial jobless claims rose to 3,62,000 in the week ending February 16, more than the analyst estimate of 3,58,000.

US crude inventories also rose by 4.1 million barrels in the week ending February 15, data released by the Department of Energy yesterday showed.

That was more than double market expectations for a gain of 1.7 million barrels, according to analysts polled by Dow Jones Newswires.

An increase in crude inventories puts a downward pressure on oil prices.
image

Read More

Oil down in Asian trade

Oil prices were down in Asia today as the dollar strengthened and amid market speculation that Saudi Arabian crude production could increase in the ...

Recommended for you

Advertisements

Quick Links

Market News

Delivery-based volumes hit one-year high in March

Earlier, in March 2014, more than half, or 51%, of the total traded shares got converted into delivery before the general elections

Gold shipments into Gujarat register highest rise in last four years: GSECL

The official added that rise in import of gold is a sign that the economy is recovering slowly

FY16 begins on a firm note; Sensex ends 300 points higher

The 30-share Sensex gained 303 points to end at 28,260 and the 50-share Nifty soared 95 points to close at 8,586

Sensex gains over 300 points led by financials

Provisionally, the 30-share Sensex gained 134 points to end at 28,091 and the 50-share Nifty soared 39 points to close at 8,530

Bank Nifty rebounds over 450 points from intra-day low

At 1506 hours, Bank Nifty was up 386 points at 18,592, bouncing back 461 points from intra-day low of 18,131 on the NSE.

 

Back to Top