World oil prices extended losses in Asian trade Wednesday mainly on reports of increase in US crude inventories.
Light sweet crude for October delivery was seen trading at $ 76.18 a barrel at 12.00 noon Singapore time while Brent crude was seen trading at $ 78.92 a barrel in London.
In other Nymex trading in October contracts, heating oil was down 0.73 cent at $2.122 a gallon and gasoline fell 0.97 cents to $1.959 a gallon. Natural gas was steady at $3.957 per 1,000 cubic feet.
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Analysts said the black gold also suffered on reports of speedy recovery of the closed Canada-U.S. crude pipeline that would limit the drainage of record-high inventories.
Enbridge said it was near to completing repairs on the duct and might be able to restart the line without submitting to a lengthy formal approval process from U.S. regulators. A report signalled the restart may come by the end of the week.
U.S. crude inventories unexpectedly rose by 3.3 million barrels in the week to September 10, which included at least one day of the Enbridge shutdown, as imports increased, the American Petroleum Institute said on Tuesday.
The US Energy Information Administration will release its data of US crude stocks later in the day.
Meanwhile Japan intervened in foreign exchange markets for the first time in six years on Wednesday to stem economic damage from the surging yen, pushing its currency 2 percent lower and boosting Tokyo stocks.
On Tuesday, oil prices were mixed amid mild optimism over the global economic recovery and concerns over a key pipeline eased.
New York's main contract, light sweet crude for October, slipped 39 cents to close at $76.80 dollars from Monday.
In London, Brent crude added 13 cents to settle at $79.16 a barrel on the ICE Futures exchange.
Light sweet crude for October delivery was seen trading at $ 76.18 a barrel at 12.00 noon Singapore time while Brent crude was seen trading at $ 78.92 a barrel in London.
In other Nymex trading in October contracts, heating oil was down 0.73 cent at $2.122 a gallon and gasoline fell 0.97 cents to $1.959 a gallon. Natural gas was steady at $3.957 per 1,000 cubic feet.
Get the most comprehensive analysis and insight into India pulses market. Subscribe to Commodity Online Info Service
Analysts said the black gold also suffered on reports of speedy recovery of the closed Canada-U.S. crude pipeline that would limit the drainage of record-high inventories.
Enbridge said it was near to completing repairs on the duct and might be able to restart the line without submitting to a lengthy formal approval process from U.S. regulators. A report signalled the restart may come by the end of the week.
U.S. crude inventories unexpectedly rose by 3.3 million barrels in the week to September 10, which included at least one day of the Enbridge shutdown, as imports increased, the American Petroleum Institute said on Tuesday.
The US Energy Information Administration will release its data of US crude stocks later in the day.
Meanwhile Japan intervened in foreign exchange markets for the first time in six years on Wednesday to stem economic damage from the surging yen, pushing its currency 2 percent lower and boosting Tokyo stocks.
On Tuesday, oil prices were mixed amid mild optimism over the global economic recovery and concerns over a key pipeline eased.
New York's main contract, light sweet crude for October, slipped 39 cents to close at $76.80 dollars from Monday.
In London, Brent crude added 13 cents to settle at $79.16 a barrel on the ICE Futures exchange.
