| Dhaka, Sunday, 03 December 2023

Oil in Asia

Update : 2015-11-06 01:38:58
Oil in Asia

Oil prices in the previous session after tanking sharply in Asia on Thursday, but a market of global crude supply remains under pressure.

Data, the United States, the world's top consumer of oil in commercial crude inventories, 30 have been grown in the week of October, showed that the prices were hammered on Wednesday.

US production for more than a year before, which is burdened with a crude oil supply glut in 2016, which will be engaged in supporting the estimates, has increased.

In Asia, the US market in December West Texas Intermediate (WTI) for delivery trending prices came under pressure early gains, around 0610 GMT 'six cents at $ 48.64 to $ 46.36 and Brent crude for December on more than four cents had been traded.

US stockpiles of more than analysts had expected slightly to 482.8 million barrels, 2.8 million barrels, climbing, the US Department of Energy said Wednesday.

US crude prices gradually lower production output will push down against hope that some of the market, to 9.16 million barrels per day went up by 48,000 barrels.

Sanjeev Gupta, a professional services firm EY 'head of Asia-Pacific oil and gas practice, markets await further data on the economy in December, a US interest rate hike was expected, a stronger dollar dollars for the cost of oil will hurt demand.

"A stronger US dollar, which reduce the demand, countries importing crude will be more expensive, 'Gupta said.

"The key economic data in Europe and the US Job data in near-term growth will provide important clues about the price to be released tomorrow," he said.

Data in Germany, along with factory orders for September retail sales numbers and the euro, including economic forecasts.

In the United States, government, labor costs and productivity data for the third quarter as well as the health of the economy, which will give further clues will release weekly jobless claims figures.

America's central bank raise interest rates during its December meeting, has indicated.

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