Oil prices mixed in Asian trade

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SINGAPORE: Oil prices were mixed in Asia on Thursday following a bearish US energy report, while talks over crude producer Iran’s nuclear program dragged on, analysts said.

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US benchmark West Texas Intermediate for August delivery fell nine cents to $60.18 while Brent gained one cent to $63.50 in afternoon trade.

Sanjeev Gupta, head of the Asia-Pacific oil and gas practice at business consultancy EY, said oil prices came under pressure after the US Department of Energy’s weekly petroleum report.

It showed domestic crude output edged up to a record 9.6 million barrels a day in the week to June 19. Crude stockpiles, though down 4.9 million barrels in the week, were still at a near-record 463 million barrels.

The data dampened hopes in some quarters that the US oil industry was cutting back on output in the face of low prices as the country enters the summer holiday driving season.

AFP

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