Oil prices mixed in Asia

SINGAPORE: Oil prices were mixed in Asia Friday after the International Energy Agency slashed its forecast for world crude demand this year and as dealers awaited key US economic data, analysts said.
US benchmark West Texas Intermediate (WTI) for October delivery was up 27 cents to $93.10, while Brent crude for October eased 13 cents to $97.95 in afternoon trade.
Both WTI and Brent traded at multi-month lows Thursday before bouncing back to close higher. WTI closed $1.16 higher in New York while Brent gained four cents in London. Singapore´s United Overseas Bank said oil prices were under pressure due to the bearish outlook for global demand growth by the IEA.
The IEA, which advises on energy policy to industrialised nations, said Thursday that crude demand will likely grow 1.0 percent this year, or 900,000 barrels per day, down from a previous estimate of 1.0 million barrels a day. It said the slowdown was due to “ongoing weakness in both European and Chinese economies, coupled with lower-than expected oil deliveries in Japan and Brazil”.
Analysts said dealers are also awaiting the latest US economic data for fresh trading cues.

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