| GEO Business|
Oil mixed in Asia on Europe fears, US stockpiles
| Updated at: 1104 PST, Friday, November 25, 2011|
SINGAPORE: Oil prices were mixed in Asian trade Friday as a slump in US crude inventories was offset by economic concerns over Europe and China, analysts said.
New York's main contract, light sweet crude for delivery in January gained 47 cents to $96.64 a barrel in the afternoon.
Brent North Sea crude for January delivery slipped 10 cents to $107.68.
Crude markets were indecisive coming off data from the US Department of Energy (DoE) showing a sharper than expected fall in stockpiles against a weaker global economic situation, Barclays Capital said in a report.
"Oil prices remain largely rangebound with the tug-of-war between solid fundamentals and a faltering macroeconomic picture continuing," it stated.
"The latest DoE data shows a sharp fall in crude inventories... (but) the pressure from uncertainty concerning the euro area, China and global growth in general is likely to weigh on prices," Barclay's report added.
Data Thursday showed US crude reserves falling 6.2 million barrels last week against market expectations of a gain of 300,000, according to analysts polled by Dow Jones Newswires, indicating strengthening demand.
But global economic concerns cast a pall over crude markets, with a poor German bond sale pushing Europe's debt crisis to new depths while figures showed slumping manufacturing activity in top energy consumer China. (AFP)