Oil prices mixed

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Singapore - Oil prices were mixed in Asia on Tuesday after a holiday in the United States and data showing weaker oil exports from Saudi Arabia, analysts said.

New York's main contract, light sweet crude for delivery in March rose 9.0 cents to $95.66 a barrel, while Brent North Sea crude for delivery in April was down 20 cents to $117.49.

Financial markets were closed in the United States on Monday for a public holiday so prices are being compared to the finish in London.

“We're seeing a little pullback on a relatively quiet day, with data showing Saudi Arabia production dipping,” said Jason Hughes, head of premium client management at IG Markets in Singapore.

“Hopefully there will be more life when dealers come back in overnight trading,” he told AFP.

Over the longer term, prices were likely to be “supported by expectations of improving global growth and continuing tensions in the Middle East”, Phillip Futures said in a market commentary.

“On geopolitical tensions, the dispute over Iran's nuclear programme continues to stoke supply concerns in the key oil producing region,” it said.

“Talks between Iran and major world powers remain deadlocked as investors look ahead to another meeting on February 26 for any signs of progress.”

Iran has persistently denied claims by major Western powers that it is building an atomic weapon, insisting its nuclear research is for peaceful purposes. - Sapa-AFP


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