Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.


Oil prices mixed in Asia

07 November 2013, 07:19AFP

Singapore - Oil prices were mixed in Asian trade on Thursday, with US crude extending its rebound from five-month lows on stronger demand in the world's biggest economy, analysts said.

New York's main contract West Texas Intermediate (WTI) for December delivery was up 16 cents to $94.96 a barrel in morning trade, while Brent North Sea crude for December fell 14 cents to $105.10.

WTI "posted significant gains after the EIA (Energy Information Administration) reported US gasoline inventory dropped 3.755 million barrels, much more than the projected 300,000 barrels decline," Singapore's United Overseas Bank said in research note.

A decline in inventories indicate stronger demand in the world's biggest economy and oil consuming nation, boosting prices.

Analysts said the decline in Brent prices was tempered by concerns over the extended closure of key oil facilities in Libya, as well as the political situation in Egypt which many fear could escalate.

"The continuing crisis in Libya and Egypt will support Brent prices and the Brent-WTI spread is unlikely to narrow in the near term," said Sanjeev Gupta, head of the Asia Pacific oil and gas practice at Ernst and Young.

Protesters have kept up their blockade of the Al-Hariga terminal in eastern Libya, scuppering plans to reopen the facility on Monday.

Output from the Al-Sharara field, which produces 330,000 barrels per day, had also been blocked by residents of the southern region of Ubari since October 28.

The protesters are demanding a fairer distribution of the region's resources to improve living conditions.

Gupta said data from the US on the gross domestic product and jobs "will set the tone in the coming weeks" for oil prices.


Tags oil prices

Read News24’s Comments Policy

Comment on this story
Comments have been closed for this article.

Read more from our Users

Nigeria @ 56: Words to my green f...

A leader’s job is not to dictate, but rather to be respected, admired and be a trustee, of the land we love, with so much potential, a land which should be freer than free. Its still a long way to fufilling our destiny! Read more...

Submitted by
Isaac Asabor263
Recession: An opportunity for Nig...

The recession should be seen as an opportunity for the country’s promotion as long as we all collectively conduct ourselves in a patriotic manner, writes Isaac Asabor.  Read more...

Submitted by
Black and White

We want to imitate the whites in everything because we are ignorant of our inherent originality and content. We spend all our Naira to acquire his inventions because we so oblivious of our natural endowments that we allow him have it for free. Read more...

Submitted by
Nate Nat
Adamawa State University Mubi: A ...

ADSU integrity forum has accused the Sunday Joshua Wugira, a lawyer, of adopting unorthodox tactics by abusing his privilege by attacking the integrity of ADSU Vice Chancellor Dr. Moses Zira Zaruwa, writes a News24 reader. Read more...

Submitted by
Abdulsalam Jubril
My Country Nigeria (Part One)

Poetry by Abdulsalam Jubril.

Submitted by
Abdulsalam Jubril
Recession, dearth in leadership a...

Every leader has the opportunity to become great and making himself immortal in the lives and hearts of people for generations to come. Will Mr. President seize this opportunity?, questions Abdulsalam Jubril. Read more...