Committed to PEOPLE'S RIGHT TO KNOW
Vol. 5 Num 1044 Thu. May 10, 2007  
   
Business


Oil prices mixed in Asia


Oil prices were narrowly mixed in Asian trade Wednesday as the focus shifted from the recent attacks on the oil industry in Nigeria to upcoming weekly US energy inventory data, dealers said.

At 1:50 pm (0550 GMT), New York's main oil futures contract, light sweet crude for delivery in June, was down eight cents to 62.18 dollars per barrel from 62.26 dollars in late US trades Tuesday.

Brent North Sea crude for June rose three cents to 65.57 dollars.

"The halting of some supply because of the Nigerian crisis was responsible for the rebound in prices on Tuesday," said Dariusz Kowalczyk, an investment strategist with CFC Seymour Securities in Hong Kong.

"Today ... there is little movement in the market because investors are waiting for the weekly US inventories report, expecting gains in both crude and products and the first gain in gasoline (petrol) inventories in many weeks.