Tuesday, 17 November 2015

Oil prices up in Asia but gains limited

Oil prices extended gains in Asia on Tuesday but the uptick was capped as investors waited for data on US crude stockpiles expected to further underscore a global supply glut. 
Prices pushed higher yesterday after US-led coalition jets bombed the Islamic State group's oil operations following the deadly attacks on Paris, but analysts said the impact of geopolitical tensions on the oil market is limited. 
At around 0300 GMT (0830 IST), US benchmark West Texas Intermediate (WTI) for delivery in December was up six cents to USD 41.80 and Brent crude for January was trading 11 cents higher at USD 44.67 a barrel. The gains on WTI "are really an exercise to defend the USD 40 handle, where we saw a 4.0 percent rebound after prices touched lows of USD 40.06," said Bernard Aw, market strategist at IG Markets in Singapore.
 "It's difficult to see more upside potential, although we might be getting closer to the equilibrium price level where we meet the sweet spot in the supply and demand equation," he told AFP. He said investors are also cautious ahead of a US Department of Energy report on Wednesday on commercial crude stockpiles in the week ending November 13.

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