AFP, Singapore :
Oil prices were mixed in Asia Tuesday following weak economic data from top energy consumers the United States and China, and as dealers await a key US Federal Reserve meeting.
US benchmark West Texas Intermediate for October delivery was down 16 cents at $92.76, while Brent crude for November rose seven cents to $97.95 in afternoon trade. Brent’s October contract expired Monday at $96.65, its lowest level since June 2012.
Singapore’s United Overseas Bank said “investors continued to fret over anaemic oil demand growth” after the release of US data on Monday.
US industrial production unexpectedly fell in August by 0.1 percent, after six months of gains. Manufacturing output meanwhile fell 0.4 percent.
The data came after China reported over the weekend that growth in industrial production fell sharply to 6.9 percent in August, the slowest pace in more than five years.
Analysts said investors were awaiting the highly anticipated two-day meeting of the Fed’s policy-making committee that begins Tuesday.
They are concerned by the prospect the Fed will begin hiking interest rates sooner than expected, and will be scrutinising statements by the bank’s chief Janet Yellen on Wednesday.
The Fed has previously said it would keep interest rates low for a “considerable time” after ending its massive stimulus programme, based on continued weakness in the labour market.
