Oil prices lower in Asian trade

Posted by Trading Advisor on 12:34 PM with No comments
Oil prices sank in Asia on Friday on concerns about unrelenting global production levels despite lofty supplies, analysts said.
oil prices.jpgUS benchmark West Texas Intermediate for June delivery fell 15 cents to US$59.73 while Brent crude for July fell six cents to US$66.64 in late-morning trade.

Nicholas Teo, market analyst at CMC Markets in Singapore, said prices "faltered" after the International Energy Agency (IEA) said slowing US shale oil output was being offset by higher production elsewhere.Mr Teo said higher output by the Opec cartel indicated it is "winning the price war by taking market share back from the Americans".
Categories: