AFP, Singapore :
Oil prices fell in Asia Wednesday, reversing steep gains in the previous session as dealers awaited the latest US energy stockpiles report amid concerns about a sustained global supply glut, analysts said.
US benchmark West Texas Intermediate for July delivery fell 42 cents to $60.84, while Brent crude for July eased 39 cents to $65.10 in afternoon trade.
WTI jumped $1.06 and Brent rose 61 cents Tuesday after a sharp fall in the US dollar, which made dollar-priced crude cheaper for buyers using weaker currencies.
But analysts said the surge was momentary, as dealers worried that there could be little change in the current crude oversupply situation for some time to come.
Daniel Ang, investment analyst at Phillip Futures in Singapore, said investors are sitting on the sidelines ahead of the US Department of Energy’s latest petroleum report to be released later Wednesday.
Ang said the report for the week to May 29 will likely show crude reserves fell further, after dropping 2.8 million barrels in the previous week. Reserves likely fell 2.5 million barrels last week, according to a Bloomberg News survey.
Oil prices fell in Asia Wednesday, reversing steep gains in the previous session as dealers awaited the latest US energy stockpiles report amid concerns about a sustained global supply glut, analysts said.
US benchmark West Texas Intermediate for July delivery fell 42 cents to $60.84, while Brent crude for July eased 39 cents to $65.10 in afternoon trade.
WTI jumped $1.06 and Brent rose 61 cents Tuesday after a sharp fall in the US dollar, which made dollar-priced crude cheaper for buyers using weaker currencies.
But analysts said the surge was momentary, as dealers worried that there could be little change in the current crude oversupply situation for some time to come.
Daniel Ang, investment analyst at Phillip Futures in Singapore, said investors are sitting on the sidelines ahead of the US Department of Energy’s latest petroleum report to be released later Wednesday.
Ang said the report for the week to May 29 will likely show crude reserves fell further, after dropping 2.8 million barrels in the previous week. Reserves likely fell 2.5 million barrels last week, according to a Bloomberg News survey.
