shot-button
Ganesh Chaturthi Ganesh Chaturthi
Home > News > India News > Article > Oil prices up in Asian trade as regional demand picks up

Oil prices up in Asian trade as regional demand picks up

Updated on: 15 December,2009 09:53 AM IST  | 
AFP |

Oil prices rose in Asian trade on Tuesday as traders were heartened by renewed demand for energy in the region, dealers said.

Oil prices up in Asian trade as regional demand picks up

Oil prices rose in Asian trade on Tuesday as traders were heartened by renewed demand for energy in the region, dealers said.


New York's main contract, light sweet crude for delivery in January, gained 26 cents to USD 69.77 a barrel. Brent North Sea crude for delivery in January was up 10 cents to USD 71.99.


Reinvigorated energy demand in Asia was fuelling a rise in crude markets, dealers said. "Asia is now growing again and fundamental demand for oil is putting pressure on prices," said DBS Group Research in a report.


The group highlighted the fact that China's import demand had tracked Brent crude prices "almost one-for-one for the past eight years," and the fact that prices on the index were more than double the level of a year ago, as a sign that Asia is leading the charge in reviving global energy demand.

Prices were also rising as more investors moved to buy up crude, the group added. "Investment demand for crude is on the rise too, adding another dimension to the upward push in prices," it stated.

Meanwhile, traders were turning their thoughts to the upcoming meeting of OPEC oil producers on December 22 in Luanda.

"Exciting news! Mid-day is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest news!" Click here!


Mid-Day Web Stories

Mid-Day Web Stories

This website uses cookie or similar technologies, to enhance your browsing experience and provide personalised recommendations. By continuing to use our website, you agree to our Privacy Policy and Cookie Policy. OK