Oil was mixed in Asia today as traders weighed global economic woes and an uptick in US crude inventories against positive developments in Europe, analysts said.
New York’s main contract, light sweet crude for delivery in November, rose 35 cents to $92.44, while Brent North Sea crude for December delivery shed four cents to $113.96.
Traders were “filter(ing) through the full impact of slow growth, increasing US stockpiles and the potential for positive Euro Zone progress”, said Jason Hughes, head of premium client management for IG Markets Singapore.
Data released by the American Petroleum Institute showed crude stockpiles in the US — the world’s largest oil consumer — rising 3.7 million barrels last week, higher than analyst projections of a two million barrel gain.
But crude prices were kept from falling after ratings agency Moody’s on late Tuesday decided not to follow Standard and Poor’s lead by keeping Madrid’s rating at Baa3 instead of downgrading it to junk status.
Moody’s credited Spain’s commitment to reforms and ECB support for its debt in deciding to hold the rating at Baa3, while appending a “negative outlook”, a warning that a cut could still take place if things get worse.