Asian trade: Oil prices remain mixed on low demand

Wednesday, 20 April 2011, 19:47 IST
Printer Print Email Email
Singapore:Oil was mixed in Asian trade as traders worried about high crude prices weighing down demand while unrest in the Arab world persists, analysts said. New York's main contract, light sweet crude for delivery in June rose 13 cents to $108.41 a barrel, while Brent North Sea crude for June eased 13 cents to $121.20. "With little in the way of headlines concerning geopolitics dominating the market, markets have tended to focus on the prospects of demand deteriorating at high price levels," said a Barclays Capital report. "Crucially, with forecasts so dominated by the pace of demand growth in coming years, it does start to raise the question of how demand will react to higher prices and which is the key driver of the market," it said.
Source: PTI