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  • Oil prices mixed ahead of US stockpiles report

    Published on November 5, 2014

    oil (2)Oil prices were mixed in Asia on Wednesday as dealers looked ahead to the release of the latest US supply report after a sell-off in the previous session owing to price cuts by Saudi Arabia.

    US benchmark West Texas Intermediate (WTI) for December delivery rose 12 cents to USD 77.31 while Brent crude for December fell 20 cents to USD 82.62 in late-morning trade.

    WTI had dropped USD 1.59 in New York late Tuesday to hit its lowest closing point since October 2011, as dealers continued to digest Saudi Arabia’s move to cut its prices for crude sold to the US markets.

    Brent fell USD 1.96 in London to its lowest close since October 2010.

    “Investors will next be looking to the US stockpiles report for an idea on how much supply is outstripping demand in a global market quite flush with supply,” Desmond Chua, market analyst at CMC Markets in Singapore said.