Global oil prices eased in Asian trade Thursday after overnight gains on positive economic reports in China and the US, world s largest oil users.
Light sweet crude for January delivery was seen trading at $86.47 a barrel at 12.00 noon Singapore time while Brent crude was at $ 88.61 a barrel in London.
Analysts also attributed increase in US crude oil stockpiles to oil s slight dips as traders focused on it following a rally of 3 percent in the previous session.
The US Energy Department on Wednesday said country s crude oil stockpiles increased by 1.07 million barrels to 359.7 million in the week ended Nov. 26.
Gasoline inventories climbed 561,000 barrels to 210.1 million, Distillate fuel supplies, including diesel and heating oil, slipped 194,000 barrels to 158.1 million barrels.
Inventories at Cushing, Oklahoma, the delivery point for New York oil futures, jumped 2.7 percent to 34.5 million barrels, a third week of increases.
On Wednesday, the black gold traded near the highest in almost three weeks after greater-than-forecast growth in U.S. private employment bolstered optimism fuel demand will increase in the world s biggest crude-consuming nation.
New York's main contract, light sweet crude for January, gained $2.64 to $86.75 while Brent crude for delivery in January jumped $2.95 to$ 88.87 a barrel in London trade.
Light sweet crude for January delivery was seen trading at $86.47 a barrel at 12.00 noon Singapore time while Brent crude was at $ 88.61 a barrel in London.
Analysts also attributed increase in US crude oil stockpiles to oil s slight dips as traders focused on it following a rally of 3 percent in the previous session.
The US Energy Department on Wednesday said country s crude oil stockpiles increased by 1.07 million barrels to 359.7 million in the week ended Nov. 26.
Gasoline inventories climbed 561,000 barrels to 210.1 million, Distillate fuel supplies, including diesel and heating oil, slipped 194,000 barrels to 158.1 million barrels.
Inventories at Cushing, Oklahoma, the delivery point for New York oil futures, jumped 2.7 percent to 34.5 million barrels, a third week of increases.
On Wednesday, the black gold traded near the highest in almost three weeks after greater-than-forecast growth in U.S. private employment bolstered optimism fuel demand will increase in the world s biggest crude-consuming nation.
New York's main contract, light sweet crude for January, gained $2.64 to $86.75 while Brent crude for delivery in January jumped $2.95 to$ 88.87 a barrel in London trade.
