Singapore: Oil prices were down on Thursday ahead of the release of a widely monitored US energy reserves report, analysts said.
New York's main contract, light sweet crude for March delivery, dropped 10 cents to USD 77.64 a barrel.
London's Brent North Sea crude for delivery in March
fell 20 cents to USD 76.12 a barrel.
Analysts polled by Dow Jones Newswires said they
expect US crude reserves to show a rise of 1.9 million barrels
last week when the Department of Energy (DoE) releases its
report later Thursday. A rise in stocks is seen as an
indication of weak demand.
Gasoline stocks are seen increasing by 1.3 million
barrels, the poll said. The DoE is releasing its report one
day later than normal owing to a US bank holiday on Monday.
"If the report is showing a build (in stockpiles) like
everybody else expected, prices could keep going down," said
Clarence Chu, an oil trader with Hudson Capital Energy in
Singapore.
Crude prices have been under pressure after comments
yesterday by top Beijing regulator Lim Mingkang that China
would rein in credit after explosive growth last year as the
world's most populous nation moves to cool its red-hot
economy.
Bureau Report
First Published: Thursday, January 21, 2010, 09:12