SINGAPORE, Singapore (AFP) — Oil prices held most of the previous day’s strong gains Thursday, but while a dive in US gasoline stockpiles fueled hopes for a pick-up in demand, traders remain on edge over the long-running supply glut. Both main contracts soared on Wednesday, with US benchmark West Texas Intermediate hitting a more than three-month high and Brent breaking $41 after the US energy department report. The figures showed gasoline inventories plunged three times […]
Tag: West Texas Intermediate
Crude prices down as doubts over production freeze linger
SINGAPORE, Singapore (AFP) — Oil prices dipped in Asia Tuesday after mounting a strong rally the day before as traders remain doubtful that talks on an output freeze among key crude producers will lead to agreement. US crude rose back above $30 a barrel and European benchmark Brent climbed well over $34 on Monday on hopes that the discussions would lead to concrete action to stabilise the battered market. But at around 0600 GMT on Tuesday, US […]
US crude rebounds in Asia but supply glut worries weigh
SINGAPORE, Singapore (AFP) — Oil prices rebounded on bargain-buying in Asia Wednesday after the previous day’s plunge but analysts warned any gains would be limited as the global glut that has hammered markets showed no sign of letting up. Investors are also nervously awaiting the release later in the day of a report on US stockpiles that is forecast to show a further increase in inventories. At around 0300 GMT, US benchmark West Texas Intermediate (WTI) […]
