"We are seeing low volumes of trade with the continuation of the holiday season," noted Daniel Ang, analyst at Phillip Futures in Singapore. In the Asia-Pacific region, the financial centers of New Zealand, China, Philippines, Taiwan, Thailand and Japan are closed for holidays. "The gains in Asian markets are likely due to positive data of US stocks on Wednesday," added Daniel Ang.
Crude reserves fell 1.8 million barrels to 385.50 million during the week ended December 26, while analysts surveyed by Dow Jones Newswires had expected a decline of 600,000 barrels only. US stocks are a good indicator of the state of demand in the world’s biggest crude consumer. Oil prices have ended the year on a further decline Wednesday, completing the worst year for black gold since 2008.
The reference barrel (WTI) for delivery in February yielded 85 cents to 53.27 dollars on the New York Mercantile Exchange (Nymex), a lowest close since May 1, 2009 and bearing its fall throughout of the year to about 46%. In London, Brent crude from the North Sea for the same maturity finished at 57.33 dollars on the Intercontinental Exchange (ICE), returning to levels in closure not seen since half and five years, and also showing a decrease of 48% over the year.
M. Oudina
