| From iht.com: Oil prices were steady Thursday in Asia near US$119 a barrel as concerns over slackening U.S. fuel demand offset the shutdown of a major Turkish pipeline after a fire. "The oil market right now is overwhelmingly preoccupied with poor U.S. oil demand," said Victor Shum, an energy analyst with consultancy Purvin & Gertz in Singapore. "The market is choosing to ignore somewhat some of the supply-side issues, such as the pipeline fire."
Light, sweet crude for September delivery rose 18 cents to US$118.76 a barrel in electronic trading on the New York Mercantile Exchange by midday in Singapore. The contract dropped 59 cents overnight to settle at US$118.58 a barrel. The U.S. Energy Department's Energy Information Administration said Wednesday that crude supplies rose 1.7 million barrels in the week ended Aug. 1, slightly more than the 1.2 million-barrel increase expected by analysts...... Full Article: Source
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