Oil prices mixed in Asian trade

Agence France-Presse

11:19 am | Monday, July 29th, 2013

AP FILE PHOTO

SINGAPORE – Oil prices were mixed in Asian trade Monday ahead of a US central bank meeting and the release of key economic data from the world’s biggest economy, analysts said.

New York’s main contract, West Texas Intermediate for delivery in September, was down 31 cents at $104.39 a barrel in mid-morning trade and Brent North Sea crude for September was one cent higher at $107.18.

“Federal Reserve officials (are) meeting this week and as ever all eyes will be on its post-meeting statement on Wednesday,” said Kenny Kan, market analyst at CMC Markets said in a note.

He said investors are hoping to “decipher the Fed’s timeline” for reeling in its $85 billion-a-month stimulus programme.

United Overseas Bank said markets are also waiting for the release this week of US second quarter gross domestic product figures, manufacturing data and a jobs report for clues about the health of the world’s biggest oil consuming nation.

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Tags: Asia , economy , oil , Trade

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