Current Crude Prices Mixed in Asian Trading

Current crude oil prices are mixed in Asian trading following the President’s Day U.S. holiday and after data showed weaker exports of oil from Saudi Arabia, according to analysts.

On the NYMEX, the U.S. benchmark crude for March delivery increased 9 cents to a crude price per barrel of $95.66. Meanwhile, on London’s ICE Futures Exchange, Brent crude for April delivery was 20 cents lower to $117.49 per barrel.

Trading markets were not open in the U.S. yesterday for the President’s Day holiday; that is why prices at the NYMEX and the ending prices in London trading are being compared.

Jason Hughes, Premium Client Management head of Singapore’s IG Markets, said that there is a slight pullback on a somewhat quiet trading day as data shows a dip in Saudi Arabian crude production.

Hughes told AFP that they are hoping for more of a boost when dealers return in overnight trading. In a market commentary, Phillip Futures said that there is likelihood that prices will be boosted in the long term by anticipations of improving world growth and continuing conflict in the Middle East.

The commentary also said that the battle over the nuclear program of Iran keeps on stoking supply worries in the main crude producing Middle East.

Discussions between Iran and most world powers will stay deadlocked, with investors anticipating another meeting on the 26th of February for any indication of developments.

Iran has continuously denied allegations by major powers in the West that it is creating a nuclear weapon, saying that its atomic research is for peaceful aims.