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Oil prices fall in Asian trade

Oil prices fall in Asian trade

Oil prices were lower in Asian trade yesterday ahead of the release of the weekly energy inventory report in the United States, dealers said.
New York's main futures contract, light sweet crude for delivery in June, eased US$0.40 to US$54.07 a barrel in the afternoon.
Brent North Sea crude for June delivery fell US$0.39 to US$54.19.
"Trading is mildly precautionary at the moment ... the market is waiting for the weekly inventory data," said Mark Pervan, a senior commodities analyst with ANZ Bank in Melbourne.
Report due
The U.S. Department of Energy is due on today to release its weekly report, which provides a snapshot of oil stockpiles in the world's largest energy consumer.
World oil prices have slumped since striking record highs above US$147 in July 2008, as energy demand weakened due to the global economic downturn.
While prices have bounced back in recent weeks on early signs the worst may be over for the U.S. economy, analysts have cautioned that the current global swine flu outbreak could set back any recovery.
However, recent data showing that manufacturing in China expanded for the first time in nine months in April should be supportive of oil prices as it means higher demand from the world's most populous nation, analysts said.


Updated : 2021-07-29 05:01 GMT+08:00