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Oil prices up in Asian Trade

Oil prices increase to near USD 42 a barrel in Asia today but experts said the increase was improbable to last as the commodity remains under pressure by a supply stack and a strong dollar.
Rates have been unstable since entering a bear market last week, decreasing more than 20 percent and closing under USD 40 a container for the first time since April.

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Primarily recovering as US commercial crude inventory data showed an unpredicted draw in gasoline, prices fallen again later in the week after robust hiring numbers from the US government pushed the dollar higher.

A powerful greenback usually makes dollar-priced oil expensive for consumers using other currencies, denting demand.

Weekly stuff count data released Friday also showed that US drillers added seven rigs that week, up for the six-straight week and representing higher production activity amid an over saturated market.

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“Modest short covering has probably given oil some boost,” said IG Markets analyst Bernard AW, adding though, that the bounce was doubtful to last.

“Rising US rig additions, low probability of OPEC to revive..! Freeze output talks and weakening demand showing a great barrier for oil prices to move higher,” he told AFP

Filed in: Cruid MCX NEWS

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