U.S. crude edges up in early Asian trade amid market gloom | Reuters

TOKYO U.S. crude futures eked out gains for a second day in early Asian trade on Thursday, though the market remains vulnerable to gloom over a world awash with supply and concerns about economic growth hitting equity markets.

West Texas Intermediate (WTI) CLc1 was up 16 cents at $30.64 a barrel at 0052 GMT (1852 EDT). It settled at $30.48 on Wednesday, up 4 cents, after dropping as low as $30.10, the first gains in 2016.

WTI is down about 20 percent from a high on the first day of trading in 2016 and fell through the important $30 barrier on Tuesday before recouping some of the losses.

Brent crude LCOc1 was yet to trade. On Wednesday it was the global benchmark's turn to fall below $30 a barrel, dropping to a new 12-year low at $29.96 a barrel, before settling at $30.31 a barrel, down 55 cents or 1.8 percent.

A bearish report from the U.S. Energy Information Administration on Tuesday underlined concerns that demand is stagnating as more supply comes to market.

Data showing that crude inventories USOILC=ECI rose 234,000 barrels last week, much less than expectations, was overshadowed by reported builds of 8.4 million barrels in gasoline USOILG=ECI and over 6 million in distillates, which includes diesel and heating oil USOILD=ECI.

Concerns about the U.S. economy also amplified the gloom and the Standard and Poors 500 index dipped below 1,900 for the first time since early October. .N

In Tokyo on Thursday, the Nikkei 225 .N225 was down about 600 points, more than 3 percent, after data showed core machinery orders fell 14.4 percent in November from the previous month.

(Reporting by Aaron Sheldrick; Editing by Ed Davies)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date: Jan 14, 2016 07:15 AM

Also Watch

IPL 2018: Royal Challengers Bangalore eye revival against Chennai Super Kings as 'Cauvery Derby' comes back to life
  • Thursday, April 26, 2018 In the Kanjarbhat community, a campaign against 'virginity tests' is slowly gaining ground
  • Tuesday, April 24, 2018 It's A Wrap: Beyond the Clouds stars Ishaan Khatter, Malavika Mohanan in conversation with Parul Sharma
  • Monday, April 9, 2018 48 hours with Huawei P20 Pro: Triple camera offering is set to redefine smartphone imaging
  • Monday, April 16, 2018 Rajyavardhan Singh Rathore interview: Sports can't be anyone's fiefdom, we need an ecosystem to nurture raw talent

Also See