Oil Prices Down in Asia

October 30, 2013

Oil prices edged lower in Asian trade on October 30 on expectations of a further increase in US inventories, indicating weak demand in the world's top crude consumer, AFP has reported.

New York's main contract, West Texas Intermediate (WTI) for delivery in December, was down 57 cents at $97.63 in mid-morning trade, while Brent North Sea crude for December shed 35 cents to $108.66.

"Plentiful supply in the US, with expectations of a further increase in crude stockpiles, is putting pressure on prices," Kenny Kan, market analyst at CMC Markets in Singapore told.

Dealers are expecting the US Department of Energy (DoE) weekly inventory report due out Wednesday to show a rise of more than two million barrels in the week to October 25, Kan said.

US oil prices hit a near four-month low last week following a DoE reports indicating a bulge in inventories.

Copyright: AFP, 2013