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Oil prices fall in Asian trade

Oil prices fall in Asian trade

World oil prices fell in Asian trade yesterday on worries of a supply glut amid weak demand after the latest U.S. data showed a rise in the country's energy stocks, analysts said.
New York's main contract, light sweet crude for February delivery shed US$0.38 to US$36.90 a barrel on the New York Mercantile Exchange. Brent North Sea crude for February delivery dropped US$0.28 to US$44.80.
"Weak demand is still overpowering supply in the oil markets," said Jonathan Kornafel, a Singapore-based director with Hudson Capital Energy trading firm.
He was referring to the latest energy data released Wednesday by the U.S. government which showed crude reserves rising 1.2 million barrels in the week ending Jan. 9. Distillates, which include heating fuel and diesel, increased by 6.4 million barrels.
"This week's stats clearly go to the bears," said Morgan Stanley Research, adding the data highlighted "the tension in the market between bulls looking to OPEC cuts and bears pointing to collapsing demand."


Updated : 2021-08-05 00:06 GMT+08:00