A predicted surge in US crude inventory data dragged down oil prices in Asian trade today.
A predicted surge in US crude inventory data dragged down oil prices in Asian trade today.
New York's main contract, light sweet crude for delivery in December, shed 47 cents to $82.08 a barrel. Brent North Sea crude for December delivery dipped 38 cents to $83.28.
Oil prices floundered as forecasts of surging US crude inventories weighed on markets, analysts said. The American Petroleum Institute yesterday forecast that crude inventories in the world's biggest oil consumer would jump 6.4 million barrels, against analyst predictions of a 1.1 million barrel increase.
The crude falls came despite a modest rise in US consumer confidence, which had pushed prices up late yesterday evening.
The Conference Board consumer confidence index for October stood at 50.2, up from 48.6 in September, beating consensus forecasts of 49.
However, the index level remained very close to historic lows. Consumer confidence is seen as a pivotal indicator of the health of the US economy, which is driven mostly by consumer spending.
