SINGAPORE (APP) – Oil prices were mixed in Asia Wednesday ahead of the release of a key US supply report and as dealers eyed escalating violence in crude producer Libya, analysts said.
US benchmark West Texas Intermediate for April delivery gained 11 cents to $50.63 while Brent crude for April fell 28 cents to $60.74 in mid-morning trade.
Tetsu Emori, commodity fund manager with Astmax Investments in Tokyo, said the official US stockpiles report for the week to February 27 to be released later Wednesday will show an increase in crude reserves, indicating weak demand in the world’s biggest economy.
“This will be negative for price recovery,” Emori told AFP. Crude oil stockpiles likely rose 3.95 million barrels last week, according to a Bloomberg News survey.
Overall reserves meanwhile currently stand at 434.1 million, the most since the start of official stockpiles data compilation in 1982, Bloomberg said.
Emori said dealers are also closely monitoring unrest in crude producer Libya.
