Oil prices fell in Asian trade Friday but stayed above 72 dollars a barrel as signs of an economic recovery continued to be weighed down by weak energy demand. New York’s main contract, light sweet crude for delivery in October, was down 38 cents to 72.53

dollars a barrel in afternoon trade. Brent North Sea crude for October
delivery shed 28 cents to 73.05 dollars. US data released Wednesday
showing an unexpected drop in crude stockpiles indicated that demand
was improving, preventing prices from sliding further, analysts said.
But global crude reserves are still robust, keeping a lid on further
price rises, analysts said. The US inventory report “remained a
supportive factor but oil prices struggled to make further gains,” the
Commonwealth Bank of Australia said in a report. US crude inventories
fell a massive 8.4 million barrels last week, snapping a three-week run
of gains and taking traders completely by surprise, having expected an
increase of 1.5 million barrels. Analysts said the market needs more
sustained evidence of an economic rebound before prices firm up. “It
does not constitute a new trend, while more stock draws are needed to
cement a demand recovery,” said VTB Capital analyst Andrey Kryuchenkov,
referring to the decline in US crude stockpiles. In July last year oil
prices hit record peaks above 147 dollars a barrel before collapsing to
hit 32 dollars in December due to weak energy demand arising from the
effects of the world financial crisis.

Source: AFP

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• Oil rises near $ 68 in Asian trade

     World oil prices continued to trade higher in Asian trade Friday as equity markets remained higher while dollar dropped.  Light sweet crude for September was seen trading at $67.44 a barrel at 11.30 a.m Singapore time while Brent crude for September delivery was at $70.44 a barrel at the same time.

• South Korea predicts oil price of USD 75 per barrel in 2010 expected

    South Korea on Friday predicted the international oil prices are likely to rise to an average of 75 U. S. dollars per barrel in 2010. According to a report prepared by the Ministry of Strategy and Finance, the price of the benchmark Dubai crude stood at 60 dollars per barrel this

• OPEC weekly oil prices fall again

    The last weekly average prices of the Organization of Petroleum Exporting Countries (OPEC) dropped to 66.80 U.S. dollars per barrel, showing a reduction of 1.3 U.S. dollars compared to the previous week, said the Vienna-based cartel Monday. OPEC weekly average oil prices reached the peak value of 72.04 U.S. dollars a

• Iran says OPEC unhappy with oil price

    Iran, OPEC’s second largest exporter, predicted on Sunday the cartel will maintain current oil output at its meeting next week, despite producers being unhappy with the prevailing price of crude. “There is a feeling among OPEC oil ministers that the group wants to maintain current ouput levels,” Mohammad Ali Khatibi, Iran’s representative

• OPEC weekly oil prices keep rising

    The weekly average price of the Organization of Petroleum Exporting Countries (OPEC) kept its upward trend last week, increasing to 76.29 U.S.

• OPEC oil price collapse 80-dollar barrier

    The oil price of the Organisation of the Petroleum Exporting Countries (OPEC) climbed above 80 dollars towards the end of week, the Vienna-based cartel announced Friday. OPEC’s basket price was above 80 dollars for the first time since October 2008. It stood at 80.12 dollars per barrel (159 litres) on

• OPEC weekly oil price reached the highest point this year

    The weekly average oil price of the Organization of Petroleum Exporting Countries (OPEC) reached 72.21U.S. dollars per barrel last week, the highest point of this year, OPEC said Monday. After hovering for six weeks, OPEC weekly average oil price exceeded 70 dollars to 72.21 dollars. In addition, it also registered the largest weekly

• Oil increased in Asian trade

    Oil firmed in Asian trade Thursday as a weaker US dollar spurred buying in the commodity and investors waited for a closely watched report on US energy inventories. New York’s main futures contract, light sweet crude for delivery in March, rose 20 cents to 74.72 dollars a barrel. Brent North

• Oil prices slip on profit-taking, weaker markets

    Oil prices fell on Friday, hit by profit-taking and weaker stock markets, dealers said, although the losses were limited by upbeat economic data in the United States. London’s Brent North Sea crude for November delivery dropped 72 cents to 70.83 dollars per barrel in early morning deals. New York’s main contract,

• Oil prices slip on profit-taking, weaker markets

    Oil prices fell on Friday, hit by profit-taking and weaker stock markets, dealers said, although the losses were limited by upbeat economic data in the United States. London’s Brent North Sea crude for November delivery dropped 72 cents to 70.83 dollars per barrel in early morning deals. New York’s main contract,

• Oil prices rise despite weak demand concerns

    Oil prices rose on Monday but future gains may be capped by worries about low energy demand in the United States, the world’s biggest energy consuming nation, traders said. New York’s main contract, light sweet crude for October delivery, rose 30 cents to 68.32 dollars a barrel. Brent North Sea crude

• Oil prices rise despite weak demand concerns

    Oil prices rose on Monday but future gains may be capped by worries about low energy demand in the United States, the world’s biggest energy consuming nation, traders said. New York’s main contract, light sweet crude for October delivery, rose 30 cents to 68.32 dollars a barrel. Brent North Sea crude

• Demand for oil recovery in progress – OPEC

    A recovery in oil demand is underway but uncertainties persist after the global economic downturn had curbed the world’s appetite for energy, OPEC’s chief Abdalla Salem El-Badri said on Monday. “Demand recovery is underway but there are still (a) high (number of) uncertainties” about the outlook, the secretary-general of the

• Oil prices rise on the last day of the year 2009

    World oil prices, which have soared more than 70 percent this year on global economic recovery signs, rose Thursday as solid US demand underpinned the market on the last trading day of 2009, traders said. New York’s main futures contract, light sweet crude for delivery in February, gained 33 cents

• Oil will fall in Asian trade

     Global oil prices eased in Asian trade Wednesday as a US report showed drop in consumer confidence and a fall in earnings by British energy major BP. Light sweet crude for September was seen trading at $66.63 a barrel at 11.30 a.m Singapore time while Brent crude for September delivery was at