Oil was
mixed in muted Asian trade Friday as investors awaited a key speech by US
Federal Reserve chief Ben Bernanke, analysts said.
New York's main contract, West Texas Intermediate (WTI) for
October delivery eased 34 cents to $84.96 a barrel in the afternoon and Brent
North Sea crude for October rose eight cents to $110.70.
Bernanke's speech later Friday at a central bankers'
conference in Jackson Hole, Wyoming, will be under heavy scrutiny for clues on
whether he will push for further measures to bolster the sagging US economy.
The United States is the world's biggest oil-consuming
nation.
"Quite clearly, markets are looking for leadership from
policymakers to improve the economic outlook in the US," analysts from
Singapore's DBS Bank said in a commentary.
"On the monetary front, this will be Bernankes challenge
when he speaks at Feds symposium in Jackson Hole today."
The unrest in Libya, where pockets of resistance from forces
loyal to strongman Moamer Kadhafi remained in parts of the capital Tripoli, was
a factor in underpinning Brent prices.
Brent is more affected than WTI by the situation in Libya as
oil from the country serves European markets.
Around 85 percent of Libyan oil output was exported to Europe
until the revolt disrupted the country's production six months ago.
Traders were also bracing for the impact of Hurricane Irene
which US weather officials said was heading for the country's east coast and
could affect prices in the near term.
"The US east coast is home to about 3-5 percent of the
country's total refinery capacity and is the delivery hub for US-traded
gasoline futures, so the hurricane should underpin crude prices in the near
term," said Nick Trevethan, a senior commodities strategist with ANZ
Research in Singapore.
Thousands of people fled the east coast Thursday as it braced
for Irene, which battered the Bahamas, leaving a trail of destruction and at
least five dead.
Authorities from North Carolina to New York declared states
of emergency and thousands of people were ordered to higher ground as Irene
packed winds of 115 miles (185 kilometers) per hour.
Source : AFP
EmpireMoney.com
No comments:
Post a Comment