|
Oil prices rebounded slightly above $123 a barrel in London on
Wednesday as the market awaited weekly data on the health of energy
inventories in the United States.
Brent North Sea crude for September delivery
rose 49 cents to $123.20 a barrel.
New York’s main contract, light sweet crude
for September advanced 34 cents to $122.53 a barrel.
Oil prices had tumbled on Tuesday, partly owing
to market concerns about weakening demand in the United States, the
world’s largest consumer of energy, traders said.
Brent crude closed down more than $3, leaving it
about $25 below its record high of $147.50 reached on July 11.
The fall is “gigantic in dollar terms,”
Victor Shum, of Purvin and Gertz international energy consultancy,
said on Wednesday.
He added that a stronger dollar and worries
about slackening oil demand in the United States were behind the
sharp decline in prices.
A stronger US unit makes dollar-priced crude oil
more expensive for buyers holding weaker currencies.
The US Department of Energy was meanwhile to
release its weekly report on energy stockpiles in the country at
10:30 p.m. (Manila time).
“I think the inventory data will continue to
show a demand slowdown in the US,” Shum said.
-- AFP
|
