Oil prices were narrowly mixed in Asian trade today on hopes for an improvement in US refinery output after another decline in US gasoline stocks, dealers said. Gasoline inventories in the world's biggest energy consumer are in focus ahead of the peak-demand driving season later this month when Americans take to the roads for their holidays.
At 10:45 am (local time), New York's main oil futures contract, light sweet crude for delivery in June, was down four cents to 63.64 dollars a barrel from 63.68 dollars in late US trades. Brent North Sea crude for June delivery rose 27 cents to 66.52 dollars. US gasoline reserves fell 1.1 million barrels to 193.1 million in the week ending April 27, according to official figures on Wednesday.
The market had been anticipating a drop of 1.3 million barrels. "In US trade, (the contract) traded down but in Asian trade it is trading sideways. It's going to stay in a narrow band of about 63 dollars or so," said Victor Shum, an analyst with energy consultancy Purvin and Gertz in Singapore.
"The results of the (US oil) inventory report were generally mixed with a bearish tone ... there is an indication that refinery utilisation (rates) in the US are picking up and that would mean that gasoline supplies get relieved somewhat."
At 10:45 am (local time), New York's main oil futures contract, light sweet crude for delivery in June, was down four cents to 63.64 dollars a barrel from 63.68 dollars in late US trades. Brent North Sea crude for June delivery rose 27 cents to 66.52 dollars. US gasoline reserves fell 1.1 million barrels to 193.1 million in the week ending April 27, according to official figures on Wednesday.
The market had been anticipating a drop of 1.3 million barrels. "In US trade, (the contract) traded down but in Asian trade it is trading sideways. It's going to stay in a narrow band of about 63 dollars or so," said Victor Shum, an analyst with energy consultancy Purvin and Gertz in Singapore.
"The results of the (US oil) inventory report were generally mixed with a bearish tone ... there is an indication that refinery utilisation (rates) in the US are picking up and that would mean that gasoline supplies get relieved somewhat."
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