Oil Prices go down in Asia
Thursday, April 26th, 2012 8:19:40 by Fayyaz Yaseen
Oil Prices go down in Asia
Impacted by the larger than expected rise in the US crude inventories, the oil prices in Asia has significantly gone down.
New York’s main contract, light sweet crude for delivery in June, fell 10 cents to $104.02 per barrel. Brent North Sea crude for June delivery shed 20 cents to $118.92.
Commenting on the phenomenon, Victor Shum, the senior principal of Purvin and Gertz energy consultants in Singapore said, “Oil prices have edged down some.. primarily because the market is reacting to the oil in inventory report
from the US.”
He further said, “The inventory for crude rose four million barrels, the market expectation was only for 1.5 million barrels.”
During last four weeks, crude inventories have accrued 23 million barrels, which reflect a limp in the energy demand in the huge economy.
On a different note, in a two-day meeting called for stream lining the policy addressing USA’s economic growth, it was predicted that the growth will gradually take up.
Interpreting the development in the backdrop of Fed’s meeting, David Bouckhout at TD Securities said, “When they (Fed policymakers) say they are looking for growth to be gradually picking up, that gives you a better prospect for
(oil) demand growth.”
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