Oil prices up in Asia

Oil prices rose in Asia Friday after recent heavy falls, but analysts said the upturn is not likely to be very strong owing to excessive global supplies.

PHOTO: AFP

9 Jan11:45 AM[SINGAPORE] Oil prices rose in Asia Friday after recent heavy falls, but analysts said the upturn is not likely to be very strong owing to excessive global supplies.
US benchmark West Texas Intermediate for February delivery was up 44 cents at US$49.23 a barrel in late-morning trade and Brent crude for February gained 31 cents to US$51.27. Brent on Wednesday briefly slipped below US$50 for the first time since 2009.
Confidence was given a much-needed boost by minutes from the US Federal Reserve's December meeting suggesting the US central bank will not hike interest rates before April.
Analysts however warn that the significant factors of oversupply and low demand in major economies such as India and China will continue to weigh on oil prices.