Oil prices dip, but buoy above US$75 in Asia

31-Aug-10

Crude oil gained in morning trade, expanding gains following reassurances by Federal Reserve chairman on the US economy. However, recent economic data from the United States points to a weak economic recovery. Investors insight that the US economic recovery remained weak despite the Federal Reserve chief's reassurances, has led to a dip in crude oil prices in Asia. New York's main contract, light sweet crude for delivery in October, settled at US 75.1, while Brent North Sea crude for delivery in October settled at US$76.5.