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 Asian trade

03 January 2014, 08:43AFP

Singapore - Oil prices were mixed in Asian trade on Friday after a steep decline in US trade, as investors await the release of US stockpiles data while keeping an eye on a disruption in Iraqi supplies.

New York's main contract, West Texas Intermediate (WTI) for February delivery, eased two cents to $95.42 in mid-morning trade while Brent North Sea crude for February rose 25c to $108.03.

WTI plunged $2.98 in New York trade Thursday while Brent tumbled $3.02 following news that a major Libyan field could come back on line later this week, which would soften demand.

A spokesperson for the Libyan National Oil Corporation told AFP on Thursday that the 330 000 barrel a day El Sharara field is expected to resume normal output within two or three days, once protesters who have blocked production pull out.

Oil production in Libya has plunged to about 250 000 barrels a day from nearly 1.5 million in the face of demands from armed protesters for more regional autonomy and greater say over the distribution of oil revenues.

Desmond Chua, market analyst at CMC Markets in Singapore, said there was broadly "positive sentiment" over a solid US stockpiles report to be released later Friday.

The report, usually released on Wednesday, has been postponed due to the New Year's Day holiday.

According to analysts polled by Dow Jones Newswires, the average forecast is that crude oil supplies fell 2.2 million barrels last week, a fifth consecutive dip after a 10-week run of rises.

Chua said the rebound was also likely to be supported by concerns about Iraqi exports, as militants bombed a major oil pipeline in the northern region of the country on Thursday.

Blasts hit the pipeline, which runs to the Turkish port of Ceyhan, in Salaheddin province to the north of Baghdad, according to an official, who added that the fire was extinguished and repairs had begun.

Iraq is heavily dependent on oil exports, and the government is seeking to dramatically ramp up its sales in the coming years to fund the reconstruction of its battered infrastructure.


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...