Loading...
See More

Oil price see-saws in Asian trade

Jan 12 2011 10:03 AFP

Related Articles

Oil prices edge lower

Oil slides as dollar strengthens

Oil around $90 on upbeat US jobs data

Oil up as trans-Alaska pipeline stays shut

Oil prices slide after recent surge

Oil in 'dangerous zone' for recovery: IEA

 

Singapore - Oil prices were mixed in Asian trade on Wednesday with the shutting down of two North Sea oil fields compounding supply cuts from the closure of an Alaskan pipeline, analysts said.

New York's main contract, light sweet crude for February delivery, rose 21 cents to $91.32 a barrel in the afternoon.

Brent North Sea crude for February dipped 2c to $97.59.

The closure of Norwegian oil producer Statoil's Snorre and Vigdis fields in the North Sea due to a gas leak was holding crude prices up, said Ong Yi Ling, investment analyst for Phillip Futures in Singapore.

"The shutdown of two North Sea oil fields... incites supply concerns for the market already on edge due to the Alaska pipeline closure," she said.

Snorre produced an estimated 116 000 barrels of oil per day in 2010, the Norwegian Petroleum Directorate said on its website. Vigdis pumped 41 000 barrels of oil per day last year.

The oil field closures dealt a second blow to crude supply in as many weeks following the shutdown of the Trans Alaska Pipeline on January 8.

The suspension of the 1 300km pipeline's operations - responsible for delivering 12% of US production - entered its fifth day with no official word on when it would reopen.

commodities  |  markets  |  oil
NEXT ON FIN24X

Oil starts week with gains

2014-11-24 15:15

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're talking about:

Small Business

Retailers of any shape and size can now unlock the power of mobile transacting.
 
 

Hottie of the day: Charlotte

Meet our hottie of the day, Charlotte. She feels sexiest after a good workout at the gym!

 
 

Men24.com

This is why guys shouldn’t be in photos
BMW drift battle: M235i vs. speedway bike
Want to start talking dirty?
And this year's Miss Bumbum title goes to...

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...