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Oil prices fall in Asian trade
Singapore, Sep 02: Oil prices were lower in Asian trade today on a lack of fresh leads due to the closure of the US markets for the `Labour Day holiday`, dealers said.
Singapore, Sep 02: Oil prices were lower in Asian trade today on a lack of fresh leads due to the closure of the US markets for the ‘Labour Day holiday’, dealers said.
At 11.10 am (8:40 IST), New York light sweet crude for October delivery was trading at 31.32 US Dollars a barrel, down from the New York close of 31.57 on Friday.
"The US was closed for the long weekend and it's too early to see much movement in oil prices. The market is drifting right now," a dealer with a regional trading house said.
He said continued problems in Iraq are unlikely to affect prices.
"The market has factored in that Iraq will be producing about 600,000 barrels per day and it will likely stay at this level in the near term," the dealer said.
Bureau Report
"The US was closed for the long weekend and it's too early to see much movement in oil prices. The market is drifting right now," a dealer with a regional trading house said.
He said continued problems in Iraq are unlikely to affect prices.
"The market has factored in that Iraq will be producing about 600,000 barrels per day and it will likely stay at this level in the near term," the dealer said.
Bureau Report