Singapore, 3 September (Argus) — Nymex oil futures rose in today's after-hours trade as price falls in the past few sessions attracted buyers back into the market.
At 08:30 GMT, the front-month Nymex October WTI crude contract was at $68.99/bl, rising by 94¢/bl from its close yesterday.
Ice October Brent crude was 65¢/bl higher at $68.31/bl.
Nymex October heating oil rose by 1.72¢/USG to $1.7677/USG, while Nymex October RBOB gasoline rose by 1.31¢/USG to $1.8217/USG.
Analysts saw few developments driving oil prices higher, saying that traders are taking advantage of recent price falls to buy into contracts. Nymex WTI is likely to remain rangebound as a result, hovering on either side of $70/bl in the short term.
US EIA data, released yesterday, were considered positive on gasoline but neutral on crude. The EIA data showed gasoline stocks fell by 3mn bl in the week to 28 August. The decline was larger than the market had expected, suggesting that oil demand may be recovering. US crude stocks dipped just 400,000 bl in the latest week.
Send comments to feedback@argusmedia.com
naa/rjd
