Fin24

Oil mixed after superstorm Sandy

2012-10-31 07:50

Singapore - Oil prices were mixed in Asia on Wednesday as traders reviewed damage along the US East Coast caused by superstorm Sandy amid expectations of a rebound in energy demand, analysts said.

New York's benchmark oil futures contract, light sweet crude for delivery in December, gained 17 cents to $85.85 a barrel in the afternoon and Brent North Sea crude for December delivery fell seven cents to $109.01.

"As the storm looks to pass over the East Coast, worries about a significant battering to demand seem to have been overblown," IG Markets Singapore said in a report.

Oil prices tumbled this week as the massive storm forced the closure of refineries, roads and airports, sparking fears it would dent energy demand in the world's biggest oil consuming nation.

But hours after the storm tore through the country's most populous state, New York, energy demand worries appeared to take a backseat as businesses were already making plans to raise their shutters soon.

John F. Kennedy Airport was set to reopen Wednesday together with the New York stock exchange and the Nasdaq exchange, which had been suspended since Monday, their first closure since September 2001, officials said.

New York's Broadway theatre district was also ready to reopen most of its shows on Wednesday, the Broadway League said.

The death toll from Sandy in the US and Canada stood at 43 late on Tuesday but was expected to climb further as several people were missing, officials said.