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Oil prices mixed in Asia
10-28-2010, 03:15 PM
Post: #1
Oil prices mixed in Asia
SINGAPORE: Oil prices were mixed in Asian trade on Thursday as a larger-than-expected rise in US gasoline reserves offset a spike in crude stockpiles, analysts said.

New York's main contract, light sweet crude for delivery in December, rose two cents to 81.96 dollars a barrel.

Brent North Sea crude for December was down a cent to settle at 83.22 dollars.

Oil markets were digesting data released by the US Department of Energy late Wednesday showing a jump in crude stockpiles against a slump in gasoline inventories, analysts said.

"Price declines were limited by a large fall in US gasoline inventory," said the Commonwealth Bank of Australia in a report.

Crude inventories rose by five million barrels in the week ended October 22, far higher than market expectations for a modest gain of 700,000 barrels, according to analysts polled by Dow Jones Newswires.
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