Brent crude climbs back over US$100, oil on the Nymex weakens

Oil prices were mixed in Asian trade on Wednesday on concerns over weak US energy demand. New York's main for delivery in May, dipped to US$88.6 a barrel, while Brent North Sea crude strengthened and climbed back above the US$100 mark after falling to a nine-month low the day before. "WTI prices have always been on the basis of the US economy. The oversupply issue is still there, which is putting downward pressure on prices," said Kelly Teoh, market strategist at IG Markets in Singapore. Markets are currently consolidating. Both WTI and Brent prices will eventually converge, so the dip in WTI prices is likely to be a short-term thing," she added.
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