20 Jan '11, 3am

Oil lower ahead of US energy reserves data: SINGAPORE: Oil was lower in Asian trade Thursday as investors awaite...

SINGAPORE: Oil was lower in Asian trade Thursday as investors awaited the release of a widely watched US government energy inventory report, analysts said. New York's main contract, light sweet crude for February delivery, dropped 15 cents to $90.71 a barrel and Brent North Sea crude for March delivery was off 15 cents to $98.01. Analysts polled by Dow Jones Newswires expect US crude stocks to have decreased by 900,000 barrels last week while gasoline reserves are seen to surge by 2.3 million barrels. The report by the US Department of Energy is usually released on Wednesday but was delayed by a day because of the Martin Luther King holiday on Monday. A bleak snapshot of the US housing market appeared to dampen investor sentiment. "The question for (traders) is how will economic data scroll out in a $90-plus crude oil environment?" said Mike Fitzpatrick, of the Kilduff Rep...

Full article: http://www.channelnewsasia.com/stories/afp_asiapacific_bu...

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