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Oil down in Asia on weak US data
by hlk Thu 16 May 2013, 19:11
SINGAPORE: Oil was down in Asian trade Thursday as caution returned to
the market following weak US production data, analysts said.
New
York's main contract, light sweet crude for delivery in June, dropped
75 cents to $93.55 a barrel and Brent North Sea crude for June delivery
shed 52 cents to $103.16.
"Disappointing industrial production
figures raised concerns that the US economy is not doing as well as
other data have been suggesting," Ric Spooner, chief market analyst at
CMC Markets in Sydney, told AFP.
"Traders are taking a cautious
approach. They are waiting for the release of more data like housing
stats and job claims, which also have an influence on oil demand."
US
industrial production fell 0.5 percent in April, amid a decline in
heating oil demand as temperatures returned to normal ranges after an
unusually cold March, the Federal Reserve reported Wednesday.
The
decline was sharper than the 0.2 drop expected by analysts, and
followed two straight months of higher output, with March production up
a revised 0.3 percent.
Both New York and Brent prices had closed
higher on Wednesday after a US Energy Information Administration weekly
report showed a surprise fall in crude oil supplies, indicating
improving demand.
Stockpiles nevertheless remained high at 394.9
million barrels, and worries of soft global demand against a rising
supply continued to cast a shadow over the markets. -- AFP
the market following weak US production data, analysts said.
New
York's main contract, light sweet crude for delivery in June, dropped
75 cents to $93.55 a barrel and Brent North Sea crude for June delivery
shed 52 cents to $103.16.
"Disappointing industrial production
figures raised concerns that the US economy is not doing as well as
other data have been suggesting," Ric Spooner, chief market analyst at
CMC Markets in Sydney, told AFP.
"Traders are taking a cautious
approach. They are waiting for the release of more data like housing
stats and job claims, which also have an influence on oil demand."
US
industrial production fell 0.5 percent in April, amid a decline in
heating oil demand as temperatures returned to normal ranges after an
unusually cold March, the Federal Reserve reported Wednesday.
The
decline was sharper than the 0.2 drop expected by analysts, and
followed two straight months of higher output, with March production up
a revised 0.3 percent.
Both New York and Brent prices had closed
higher on Wednesday after a US Energy Information Administration weekly
report showed a surprise fall in crude oil supplies, indicating
improving demand.
Stockpiles nevertheless remained high at 394.9
million barrels, and worries of soft global demand against a rising
supply continued to cast a shadow over the markets. -- AFP
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