Oil rebounds in Asian trade

Posted By: Pti
Subscribe to Oneindia News
Oil Barrel
Interbank Rupee rate Vs US Dollar
64.759 United States Dollar
Interbank Rupee rate Vs Euro
76.395 Euro
Singapore, Aug 3: Oil prices rose in Asian trade today, recovering from losses in New York sparked by disappointment over the lack of new central bank measures to boost the US economy and eurozone, analysts said.

New York's main contract, light sweet crude for September delivery advanced 50 cents to USD 87.63 a barrel and Brent North Sea crude for September delivery was 46 cents higher at USD 106.36.

The two contracts had closed lower yesterday after the European Central Bank announced no fresh stimulus actions to boost economic activity. That followed a similar decision by the US Federal Reserve on Wednesday.

Sentiment remained subdued despite the modest jump in crude prices, which was spurred by profit-taking, analysts said. Investors were turning their attention to the release of US non-farm payrolls data for July, due out later today, for clues on the health of the world's largest economy and the number one oil-consumer, analysts said.

"Traders will be positioning themselves ahead of non-farm payrolls data tonight which have not had their usual frenzied build-up as markets have been distracted by the central bank meetings this week," said Justin Harper, IG Markets Singapore's market strategist.

AFP

Please Wait while comments are loading...