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Crude down in Asia on demand concerns

05 may 2011, 14:11
0
apnnews.com©
apnnews.com©
Oil prices fell in Asian trade Thursday on demand worries after US data showed a bigger-than-expected rise in crude stockpiles, analysts said, AFP reports.

New York's main contract, light sweet crude for delivery in June, shed 35 cents to $108.89 a barrel.

Brent North Sea crude for June delivery dipped nine cents to $121.10 in the afternoon.

"The US oil inventories report shows a larger than expected build in crude oil inventories," said Victor Shum, a Singapore-based analyst from Purvin and Gertz energy consultancy.

The US Department of Energy (DoE) said Wednesday stockpiles jumped 3.4 million barrels in the week ending April 29, beating analyst predictions of a 3.2 million barrel gain.

A rise is seen as an indication of softer energy demand in the world's largest oil consuming nation.

The DoE reported an unexpected drop in gasoline reserves, by one million barrels.

US economic indicators published Wednesday also weighed on sentiment.

Payrolls firm ADP said the private sector added a modest 179,000 jobs in April, down from March's 207,000 and fewer than analysts expected.

And the Institute for Supply Management reported its services sector index showed slower growth in April. The sector accounts for about 70 percent of US economic activity.

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