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U.S. crude edges up in early Asian trade amid market gloom

Published 2016-01-13, 07:59 p/m
© Reuters. U.S. crude edges up in early Asian trade amid market gloom
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TOKYO, Jan 14 (Reuters) - U.S. crude futures eked out gains
for a second day in early Asian trade on Thursday, though the
market remains vulnerable to gloom over a world awash with
supply and concerns about economic growth hitting equity
markets.
West Texas Intermediate (WTI) CLc1 was up 16 cents at
$30.64 a barrel at 0052 GMT. It settled at $30.48 on Wednesday,
up 4 cents, after dropping as low as $30.10, the first gains in
2016.
WTI is down about 20 percent from a high on the first day of
trading in 2016 and fell through the important $30 barrier on
Tuesday before recouping some of the losses.
Brent crude LCOc1 was yet to trade. On Wednesday it was
the global benchmark's turn to fall below $30 a barrel, dropping
to a new 12-year low at $29.96 a barrel, before settling at
$30.31 a barrel, down 55 cents or 1.8 percent.
A bearish report from the U.S. Energy Information
Administration on Tuesday underlined concerns that demand is
stagnating as more supply comes to market.
Data showing that crude inventories USOILC=ECI rose
234,000 barrels last week, much less than expectations, was
overshadowed by reported builds of 8.4 million barrels in
gasoline USOILG=ECI and over 6 million in distillates, which
includes diesel and heating oil USOILD=ECI . EIA/S
Concerns about the U.S. economy also amplified the gloom and
the Standard and Poors 500 index dipped below 1,900 for the
first time since early October. .N
In Tokyo on Thursday, the Nikkei 225 .N225 was down about
600 points, more than 3 percent, after data showed core
machinery orders fell 14.4 percent in November from the previous
month.

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