Oil prices held steady in early Asian trade on Thursday, with US crude trading below US$50 a barrel near its lowest in more than three months as rising US stockpiles and a strong dollar weighed on the commodity.
Crude oil stocks in the United States rose 2.5 million barrels last week to above the five-year seasonal average, data from the Energy Information Administration (EIA) showed, contrasting with expectations of a 2.3 million-barrel drawdown.
"Demand is reasonably buoyant in the United States, but there's just so much supply," said Ben Le Brun, market analyst at OptionsXpress in Sydney.
"It's going to need a significant pickup in economic activity to meet the current oversupply," he said.
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Crude oil stocks in the United States rose 2.5 million barrels last week to above the five-year seasonal average, data from the Energy Information Administration (EIA) showed, contrasting with expectations of a 2.3 million-barrel drawdown.
"Demand is reasonably buoyant in the United States, but there's just so much supply," said Ben Le Brun, market analyst at OptionsXpress in Sydney.
"It's going to need a significant pickup in economic activity to meet the current oversupply," he said.
Click Here For Free Signals OR Give A Missed Call : +60350219047 Follow Us On Twitter : www.twitter.com/epicresearchmy Like Us On Facebook : www.facebook.com/EpicResearchMalaysia Need Any Assistance About KLSE online Feel Free To Mail Us at : info@epicresearch.my
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