Oil prices down in Asian trade
March 10, 2010
New York's main contract, light sweet crude for April delivery, dropped 16 cents to USD 81.33 a barrel.
London's Brent North Sea crude for April delivery was down 20 cents to USD 79.71 a barrel.
Analysts said investors were waiting for signs of firmer demand in the United States after an industry report showed a surprise build-up of crude stocks.
The American Petroleum Institute (API) said Tuesday crude stockpiles for the week ended March 5 rose 6.5 million barrels. Analysts polled by Platts had anticipated an increase of 2.1 million barrels.
"The API reported quite bearish results yesterday. The crude build-up was larger than expected," said Serene Lim, a Singapore-based oil analyst with the ANZ bank.