Singapore-Oil prices edged down slightly Tuesday but held around 11-month highs thanks to a weaker dollar and forecasts for another drop in US inventories. The commodity has rebounded about 90 percent from near 13-year lows touched at the start of the year as worries over a global supply glut ease and output from key producers Nigeria and Canada is dented.
Expectations for a US interest rate hike this summer were all but erased by Friday's weak jobs data, which sent the dollar tumbling-making crude cheaper for buyers using other currencies. Attention is now on the release of US Energy Information Administration stockpiles data on Wednesday, which a survey by Bloomberg News forecast to show a sharp fall in the week to June 3. At about 0430 GMT, US benchmark West Texas Intermediate eased 16 cents, or 0.32 percent, at $49.53 a barrel while Brent was down 18 cents, or 0.36 percent, at $50.37.
Market momentum is still strong and prices are likely to regain their position during European and US trading hours, CMC Markets trader Alex Wijaya told AFP.
Source: Pakistan Observer