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Oil prices higher ahead of Bernanke speech

AFP
SINGAPORE
Petroleumworld.com 08 30 07

World oil prices traded higher in Asia on Friday ahead of a key speech by United States Federal Reserve chairman Ben Bernanke, dealers said.

At 2:35 pm (0635 GMT), New York's main futures contract, light sweet crude for delivery in October, was 26 cents higher at 73.62 dollars a barrel.

Brent North Sea crude was up 20 cents at 72.10 dollars per barrel.

Concerns over US economic health continue to affect oil trading, and dealers would be watching what Bernanke says later Friday, said David Moore, a commodities strategist with Commonwealth Bank of Australia in Sydney.

"It will be important in setting the tone... of adjusting the expectations of what the Fed may or may not do," Moore said.

"The greatest concern from an oil market point of view is that US economic growth might slow and from that, oil demand might slow."

Worries about oil demand in the United States, the world's biggest energy consumer, resurfaced Tuesday after a monthly survey showed US consumer confidence had fallen amid a deepening housing market crisis.

The equity markets will be on tenterhooks to see if Bernanke drops clues on possible interest rate moves, after fresh reports of US mortgage and credit problems played havoc with investor nerves on Thursday.

Crude futures also got a boost this week after a US inventory report showed unexpectedly large draws in gasoline and crude inventories, dealers said.

AFP 31 0646 GMT 08 07

Copyright© 2007 AFP. All rights reserved.

 

 

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