APN News

  • Tuesday, September, 2020| Today's Market | Current Time: 01:17:33
  • 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 USD 81.96 a barrel.

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

    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.

    However, gasoline stockpiles tumbled 4.4 million barrels against expectations for a 200,000-barrel decline.