Oil prices continue to linger above US$93 in Asia on Wednesday. Oil on the Nymex dipped to US$93.3 at midday Singapore time, while in London, Brent crude dipped to US$111.6 on the ICE Futures exchange. Prices are on an upswing on concerns about supply disruptions, as per Economic Times.
Supply has been disrupted after a fire affected a Chevron refinery in California along with pipeline explosions in Turkey that were carrying crude from Iraq.
The latest US supply data suggested demand may be improving. The American Petroleum Institute said crude inventories plunged 5.4 mln barrels last week.