Business IdeasOil prices up in Asian trade
Oil prices were stable in Asian trade today as dealers weighed recent price falls against a firming US dollar, analysts said.
- Oil prices up in Asian trade as regional demand picks up
New York"s main futures contract, light sweet crude for delivery in January, was unchanged at $70.69 a barrel.
Brent North Sea crude for delivery in January gained 16 cents to $72.05. The contract will terminate later today.
The market rose as traders cashed in on a recent price drop, hoping to offset potential weakness from a strengthening greenback, analysts said.
"The firmer tone of the US dollar was a negative for the oil price, but the fall in prices over the past week attracted some buying," said the Commonwealth Bank of Australia in a report.
Crude prices were also supported by the latest Organisation of Petroleum Exporting Countries (OPEC) prediction that global energy demand will rebound next year, the bank added.
"World oil demand is forecast to return to growth in 2010, rising by around 0.8 million barrels per day," the report stated.
OPEC also said in its December report released Tuesday that growth would be driven by developing countries, with demand in industrialised nations continuing to contract.