10-28-2010, 03:15 PM
SINGAPORE: Oil prices were mixed in Asian trade on Thursday as a larger-than-expected rise in US gasoline reserves offset a spike in crude stockpiles, analysts said.
New York's main contract, light sweet crude for delivery in December, rose two cents to 81.96 dollars a barrel.
Brent North Sea crude for December was down a cent to settle at 83.22 dollars.
Oil markets were digesting data released by the US Department of Energy late Wednesday showing a jump in crude stockpiles against a slump in gasoline inventories, analysts said.
"Price declines were limited by a large fall in US gasoline inventory," said the Commonwealth Bank of Australia in a report.
Crude inventories rose by five million barrels in the week ended October 22, far higher than market expectations for a modest gain of 700,000 barrels, according to analysts polled by Dow Jones Newswires.
New York's main contract, light sweet crude for delivery in December, rose two cents to 81.96 dollars a barrel.
Brent North Sea crude for December was down a cent to settle at 83.22 dollars.
Oil markets were digesting data released by the US Department of Energy late Wednesday showing a jump in crude stockpiles against a slump in gasoline inventories, analysts said.
"Price declines were limited by a large fall in US gasoline inventory," said the Commonwealth Bank of Australia in a report.
Crude inventories rose by five million barrels in the week ended October 22, far higher than market expectations for a modest gain of 700,000 barrels, according to analysts polled by Dow Jones Newswires.