Oil prices retreat in Asia
The US Energy Information Administration (EIA) will release Wednesday its weekly report on the country´s commercial crude inventories for the week ending October 23, which is seen as a gauge for demand in the world´s top oil consuming nation. Analysts expect another build-up, Geo News cited.
"Oil prices remain near two-month lows as oversupply issues stay in the forefront... Fundamentals re-exerted themselves," Bernard Aw, market strategist at IG Markets in Singapore, told AFP.
"There is a belief that US inventories are on the rise, which would prolong the global glut," he said.
"The EIA on Wednesday will provide colour to the view."
In Asia, US benchmark West Texas Intermediate (WTI) for December delivery was trading 63 cents lower at $43.35 and Brent eased 43 cents at $47.11 a barrel at around 0300 GMT.
Both contracts were down on Monday after stretching losses into a second week on Friday.
The losses came after Fatih Birol, executive director of the International Energy Agency, said at an energy conference in Singapore on Monday that it saw "ample supply in the market" until mid-2016.
Prices fell to six-year lows in August but bounced back earlier this month to trade above $50, lifted by upbeat comments on the demand outlook from the head of the OPEC cartel of crude producers.
The rally however was not sustained as oversupply concerns resurfaced. Current price levels are more than 50 percent below peaks of more than $100 reached in June last year.
- ‘Marry, divorce, remarry’ – Man weds same woman four times for ...02:20 PM | 19 Apr, 2021
- PIA all set to start direct flights from Karachi to Skardu01:57 PM | 19 Apr, 2021
- Hong Kong bans flights from Pakistan, other countries over fears of ...01:20 PM | 19 Apr, 2021
- PM Imran vows to run collective campaign against blasphemous ...01:03 PM | 19 Apr, 2021
- Hiba Bukhari wins hearts by reciting Naat07:23 PM | 18 Apr, 2021
- Aamir Liaquat takes a terrible fall during race in Ramadan show ...06:19 PM | 18 Apr, 2021
- Imran Abbas appointed goodwill ambassador by Turkey03:19 PM | 18 Apr, 2021
- Pakistani passport still fourth-worst for international travel in 202110:31 AM | 17 Apr, 2021
- Ramadan 2021: Pakistan issues new guidelines to stem third Covid wave12:15 PM | 14 Apr, 2021
- Ten Stars who were Student Athletes04:30 PM | 13 Apr, 2021
- Celebrities photoshopped with their younger selves11:41 AM | 9 Apr, 2021