Oil down in Asian trade - Inquirer.net

Oil prices floundered as forecasts Tuesday of surging US crude inventories weighed on markets, said Ong Yi Ling, investment analyst for Phillip Futures in Singapore.

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Oil prices floundered as forecasts Tuesday of surging US crude inventories weighed on markets, said Ong Yi Ling, investment analyst for Phillip Futures in Singapore. "I think that (the price dip) would be due to the inventory data by the American Petroleum Institute (API) yesterday," she said. API numbers predicted crude inventories in the world's biggest oil consumer would jump 6.4 million barrels, against analyst predictions of a 1.1 million barrel increase, Ong said.

Oil down in Asian trade - Inquirer.net