Oil down in Asia as US crude inventories rise

Posted By: Pti
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Singapore, Jan 21 (AFP) Oil prices were lower in Asiantrade today as unexpected gains in US crude inventories placeda dampener on energy demand, analysts said.

New York''s main contract, light sweet crude for Marchdelivery, fell three cents to USD 89.56 per barrel.

Brent North Sea crude for delivery in March shed 15cents to USD 96.43.

US Department of Energy (DoE) figures released lateyesterday showing a surprise rise in crude stockpiles wereimpacting market sentiment, analysts said.

"There is a hangover from the inventory report, whichshowed a sizeable crude inventory build, especially in theGulf Coast region," said John Kilduff of Again Capital.

DoE data showed crude stockpiles in the world''sbiggest oil consumer climbing 2.6 million barrels to 335.7million barrels last week compared with analysts'' forecasts ofa 900,000-barrel drop. (AFP)

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