SINGAPORE (Commodity Online) : World oil prices eased below $79 a barrel in Asian trade Thursday mainly after the greenback strengthened against major currencies.

Light sweet crude for December delivery was seen trading at $79.77 a barrel at 12.00 noon Singapore time while Brent crude was at $78.30 a barrel at the same time.

Trade commodities or equities from across the globe. Join Now

The euro slipped to $1.4834 on Thursday in early Asian trading from $1.4872 the previous day.

On Wednesday, oil prices jumped above $80 in New York, as traders digested data showing sliding crude stockpiles in the US, a possible sign of firming economic conditions.

December contract spiked as high as $81.06 per barrel, before pulling back to close at $80.40, up 80 cents from Tuesday.

Brent crude for December delivery climbed 78 cents to settle at $78.89 a barrel.

US Department of Energy (DoE) announced on Wednesday that US crude reserves sank by four million barrels in the week ending October 30, surprising analysts expecting a rise.

Oil has jumped from $32 in December as traders have used crude and other commodities as a hedge against a weakening dollar and inflation.

Post your comment  (0)

Connect:

Post to Twitter

Post to Facebook