Global oil prices climbed towards $84.50 a barrel in Asian trade Wednesday mainly after reports of decrease in US crude stockpiles.
Light sweet crude for December delivery was seen trading at $84.37 a barrel at 12.00 noon Singapore time while Brent crude was at $ 85.64 a barrel in London.
American Petroleum Institute (API) on Tuesday said U.S. crude inventories fell 1.1 percent to 4.1 million barrels in the week to Oct. 29.Gasoline supplies slumped 3.2 million barrels to 219.7 million and distillate inventories dropped 4.7 million to 161.4 million.
Energy Information Administration (EIA) will release its official statistics later Wednesday.
The greenback remained lower against major currencies in Asia on Fed Chief s comments on US economy, fueling speculation that a resumption of quantitative easing would debase the dollar. The greenback has dropped 9.1 percent versus the euro since Aug. 27.
Oil prices rallied on Tuesday, as the dollar sank ahead of an expected move by the US Federal Reserve for a new stimulus plan and after supportive comments from OPEC kingpin Saudi Arabia.
New York's main contract, light sweet crude for December, leaped 95 cents to close at $83.90 a barrel. In London, Brent North Sea crude for delivery in December delivery jumped 79 cents to settle at $85.41 a barrel.
Light sweet crude for December delivery was seen trading at $84.37 a barrel at 12.00 noon Singapore time while Brent crude was at $ 85.64 a barrel in London.
American Petroleum Institute (API) on Tuesday said U.S. crude inventories fell 1.1 percent to 4.1 million barrels in the week to Oct. 29.Gasoline supplies slumped 3.2 million barrels to 219.7 million and distillate inventories dropped 4.7 million to 161.4 million.
Energy Information Administration (EIA) will release its official statistics later Wednesday.
The greenback remained lower against major currencies in Asia on Fed Chief s comments on US economy, fueling speculation that a resumption of quantitative easing would debase the dollar. The greenback has dropped 9.1 percent versus the euro since Aug. 27.
Oil prices rallied on Tuesday, as the dollar sank ahead of an expected move by the US Federal Reserve for a new stimulus plan and after supportive comments from OPEC kingpin Saudi Arabia.
New York's main contract, light sweet crude for December, leaped 95 cents to close at $83.90 a barrel. In London, Brent North Sea crude for delivery in December delivery jumped 79 cents to settle at $85.41 a barrel.
