Oil mixed in Asian trade, stays below $69

Oil was mixed in Asian trade today amid worries about the pace of the global economic recovery, analysts said.

New York's main contract, light sweet crude for October delivery was one cent higher at $68.06 a barrel.
 
Brent North Sea crude for October delivery dropped 18 cents to $67.48 a barrel.

Data released yesterday by the US Department of Energy (DoE) showed crude stocks fell by 400,000 barrels in the week to August 28 which was largely in line with market expectations.

The DoE's weekly report said gasoline stockpiles fell by three million barrels, far steeper than expected but investor sentiment remained muted.
 
"The supply-demand picture is not that bullish at all," said Clarence Chu, a Singapore-based trader with Hudson Capital Energy.

Jason Schenker of Prestige Economics said supply and demand dynamics were "slightly more bearish right now" with the end of the US summer driving season.

"The gasoline numbers were very strong, but that was last month," he said. "But now the summer driving season is over."The United States is the world's largest energy user and is seen as key to any recovery in oil demand.