Oil Prices inched Higher in Asian 2014
Oil prices inched higher in Asian trade Wednesday on hopes that a key US stockpiles report would beat bearish forecasts, easing concerns about tepid demand in the world´s top crude consumer.
New York´s main contract, West Texas Intermediate for May delivery, was up two cents at $101.77 a barrel in mid-morning trade while Brent North Sea crude for June rose 14 cents to $109.41.”Prices are holding steady as investors are hoping that US inventories out Wednesday would not be as bearish as expected,” Ric Spooner, chief market analyst at CMC Markets in Sydney, told.
“But investors remain nervous over concerns overall US stockpile levels seem to be pretty high, and that the upcoming summer driving season may not do enough to boost demand,” he said. The Department of Energy´s weekly report on US crude-oil supplies is expected to show an increase of 2.4 million barrels, according to the consensus of analysts polled by Dow Jones Newswire.