World oil prices climbed back above $60 a barrel in Asian trade Wednesday on signs the region be may emerging from an economic slump.
World oil prices climbed back above $60 a barrel in Asian trade Wednesday on signs the region be may emerging from an economic slump. Light sweet crude for August delivery was seen trading at $60.17 a barrel at 12.00 noon Singapore time from Tuesday"s close of $59.52 a barrel while Brent crude for August settlement was seen trading at $61.35 at the same time.
Oil"s slight recovery was also attributed to a positive US industry data that showed crude oil and gasoline stockpiles fell last week.
U.S. crude oil stocks fell 1.2 million barrels last week as domestic refiners boosted run rates, the American Petroleum Institute said in a report on Tuesday.
However, the market was cautious about the strength of a rebound in energy demand following disappointing U.S. consumer spending data.
Gasoline inventories dipped 69,000 barrels against expectations for a 1.0 million barrel increase. The Energy Information Administration (EIA), a U.S. government agency, will release its own weekly inventory report later on Wednesday.
The Organization of the Petroleum Exporting Countries said world demand for its oil would fall by 380,000 barrels per day to 28.11 million bpd in 2010, compared with this year.