Oil prices turned mixed in Asian trade yesterday after a report showed weaker demand in the U.S., the world's largest energy-consuming nation, analysts said.
The U.S. Department of Energy (DoE) announced Wednesday that American crude reserves increased 1.9 million barrels in the week ending April 16. Gasoline or petrol stockpiles also soared 3.6 million barrels, exceeding forecasts of a small New York's main contract, light sweet crude for delivery in June, dropped US$0.16 to US$83.52 a barrel. Brent North Sea crude for June was up US$0.02 at US$85.72. gain of 300,000 barrels. Distillates, which include diesel and heating fuel, rose 2.1 million barrels whereas analysts had expected an increase of 900,000 barrels. "The increase in crude inventories was largely unexpected so demand fundamentals are weighing on people's minds," Serene Lim, a Singapore-based oil analyst with ANZ Bank, told reporters. FRANCE PRESS