Oil
prices were mixed in Asian trade Wednesday as forecasts of a spike in US crude
stockpiles were offset by geopolitical concerns in the Red Sea, analysts said.
New York's main contract, light sweet crude for delivery in
October, fell 36 cents to $88.54 per barrel in the afternoon.
Brent North Sea crude for October delivery gained a cent to
$114.03.
Oil markets were being depressed by the American Petroleum
Institute's (API) prediction Tuesday of a jump in crude stockpiles of the
world's largest oil consumer, said Nick Trevethan, senior commodities
strategist of ANZ Research.
The API forecast Tuesday a that crude stockpiles had jumped
5.1 million barrels for the week ending August 26.
"The API report ... will obviously put a little bit of
pressure on the market," he told AFP.
However, Trevethan said geopolitical fears in the
oil-producing Arab region sparked by Israel and Iran's naval posturing in the
Red Sea was supporting prices.
Iran on Tuesday said it had dispatched a submarine and a
warship to the region, saying it would "display the capabilities of the
Islamic Republic of Iran".
The move prompted Israel to announce it was deploying two
missile boats to the area as well, raising tensions in an area that is already
volatile due to several popular uprisings.
Source : AFP
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