In fact, oil prices rose more than one per cent in Asia today, as the market regrouped following a sharp sell-off sparked by the end of the peak gasoline demand season in the United States.
In the past four months, oil prices rose by more than 25 per cent as export disruptions from Venezuela, Nigeria and Iraq prevented US stocks rebuilding after being run down during a severe northern hemisphere winter.
The international benchmark Brent (dated) crude, which was hovering at $29.77a barrel on August 27, moved up to $30.09 a barrel on August 29, and softened to $28.30 a barrel on September 2.
Jet fuel (Singapore), which was being quoted at $ 34.38 a barrel on August 27, moved down to $ 33.60 a barrel on August 29, and further moved down to $ 33.48 a barrel on September 2.
Prices of gas oil (Singapore) with 0.5 per cent sulphur, which were ruling at $ 32.80 a barrel on August 27, touched $ 34.10 a barrel on August 29, and moved down to $ 33.08 a barrel on September 2.
Naphtha (Singapore), which was being quoted at $ 30 a barrel on August 27, softened to $ 29.73 a barrel on August 29, and moved down to $ 29.30 a barrel on September 2.
Prices of unleaded petrol (fob Singapore), which were ruling at $ 35.15 a barrel on August 27, moved to $ 35.83 a barrel on August 29, and further hardened to $ 35.15 a barrel on September 2.
