Sandy impact: Crude oil mixed in Asia

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Oil prices were mixed in Asia today as traders reviewed the damage along the US East Coast caused by superstorm Sandy amid expectations of a rebound in energy demand, analysts said.

 

New York’s benchmark oil futures contract, light sweet crude for delivery in December, gained 13 cents to $85.81 a barrel and Brent North Sea crude for December delivery fell 19 cents to $108.89.

 

“As the storm looks to pass over the (US) East Coast, worries about a significant battering to demand seem to have been overblown,” IG Markets Singapore said in a report.

 

Oil prices tumbled this week as the massive storm forced the closure of refineries, roads and airports on the US East Coast, sparking fears it would dent energy demand in the world’s biggest oil consuming nation.

But hours after the storm tore through the US’ most populous state New York, energy demand worries appeared to take a backseat as businesses were already making plans to raise their shutters soon.

 

John F Kennedy Airport was set to reopen today together with the New York Stock Exchange and the Nasdaq exchange, which had been suspended since Monday in the markets’ first closure since the 9/11 attacks of 2001, officials said.

 

New York’s iconic Broadway theatre district was also set to reopen most of its shows today, the Broadway League said.

 

Death toll from Sandy in the US and Canada stood at 43 but was expected to climb further as several people were missing, officials had said late yesterday.

 

Keywords: Hurricane Sandy, US East Coast, damages caused by Sandy, energy demand, closure of refineries,

 

Courtesy:  The Hindu Business Line


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