Oil prices were mixed in Asia yesterday ahead of the release of fresh US economic data, while investors are optimistic following a report that Washington is to lift a decades-old crude export ban.
US benchmark West Texas Intermediate rose 18 cents to $106.68 while Brent eased eight cents to $113.92 in afternoon trade.
Analysts said prices were tracking gains in equity markets following a positive lead from Wall Street, despite data on Wednesday showing the US economy fell at a 2.9 percent annual pace in the quarter to March, worse than previous estimates.
French lender Credit Agricole said investors are looking beyond the report as “recent healthy economic releases suggest a substantial rebound” in the second quarter.
Investors will next be scrutinising a slew of latest economic figures, including personal income, personal spending and initial jobless claims data out later Thursday for further clues about the US economy, it said.
Singapore’s United Overseas Bank said prices retained support from a Wall Street Journal article that said US is easing the longstanding ban on crude exports.
The report late Tuesday said the US Commerce Department approved the first exports of unrefined oil in nearly four decades, potentially clearing the way for a bigger policy change that could tighten the US crude market.
