Oil prices in Asia fall ahead of US in­ven­tory data re­port

The China Post - - BUSINESS INDEX & -

Oil prices fell in Asia Wed­nes­day, giv­ing up mea­ger gains in the pre­vi­ous ses­sion as in­vestors await a U.S. in­ven­tory re­port to gauge de­mand in the world’s top econ­omy.

U.S. bench­mark West Texas In­ter­me­di­ate for Septem­ber de­liv­ery fell 24 cents to US$42.38 a bar­rel and Brent crude for Oc­to­ber dipped 26 cents to US$48.55 a bar­rel in af­ter­noon Asian trade.

Both con­tracts man­aged mod­est re­bounds in clos­ing deals in New York and Lon­don on Tues­day.

But an­a­lysts said prices were un­likely to stage a sus­tained rally be­cause the mar­ket re­mains awash with sup­plies from the Or­ga­ni­za­tion of the Petroleum Ex­port­ing Coun­tries (OPEC), led by Saudi Ara­bia.

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