SINGAPORE -Oil prices lingered near $78 a barrel Wednesday in Asia after U.S. crude supplies unexpectedly rose, suggesting demand in the world's largest economy remains weak.
Benchmark crude for January delivery was flat at $78.37 at midday Singapore time in electronic trading on the New York Mercantile Exchange. The contract rose $1.09 to settle at $78.37 on Monday.
U.S. crude inventories unexpectedly fell last week, the American Petroleum Institute said late Tuesday. Crude stocks rose 2.9 million barrels while analysts had expected a drop of 1.3 million barrels, according to a survey by Platts, the energy information arm of McGraw-Hill Cos.
The Energy Information Administration plans to announce its inventory report later Wednesday.
Oil prices broke below $76 a barrel late last week after conglomerate Dubai World said it would delay interest payments on $60 billion of debt. But prices quickly recovered this week as investors were encouraged by signs of improving crude demand in Asia.
Crude has traded between $75 a barrel and $82 for more than a month.
"Prices should continue to be rangebound," Societe Generale said in a report. "However, there is a solid floor."
In other Nymex trading, natural gas shed 15.9 cents to $4.689 per 1,000 cubic feet. Heating oil rose 1.57 cents to $2.0636 and gasoline gained 1.33 cents to settle at $2.0248.
In London, Brent crude for January delivery gained 14 cents to $79.49 on the ICE Futures exchange.
As a matter of facts, due to the over flooding oil supplies due declining and dying demand, oil should have been now posting at $28 bbl on market.
Excess amount of RAW UNREFINED oils are stored in countless tankers parked on shore lines due to scarce non-existent space to store them. What's the use of having thousands upon thousands of REFINERIES if the scvmbag refineries aren't refining???? Might as well blast and NUKE every god-damn refineries if these fvcks aren't refining and using them!!!
OPEC can pump all the oil from the ground and sends them to us, but what's the use of having over abundance of oil supplies if our REFINERIES aren't refining them???? That's is why, might as well blast and NUKE every god-damn refineries if these fvcks aren't refining and using them!!!
As a matter of facts, due to the over flooding oil supplies due declining and dying demand, oil should have been now posting at $28 bbl on market.
Excess amount of RAW UNREFINED oils are stored in tankers parked on shore lines due to scarce non-existent space to store them. What's the use of having thousands upon thousands of REFINERIES if the scvmbag refineries aren't refining???? Might as well blast and NUKE every god-damn refineries if these fvcks aren't refining and using them!!!
OPEC can pump all the oil from the ground and sends them to us, but are the use with having over abundance of oil supplies if our REFINERIES aren't refining them???? That's is why, might as well blast and NUKE every god-damn refineries if these fvcks aren't refining and using them!!!
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