Oil prices weaker in Asia
Mihir Kapadia, CEO and Founder, Sun Global Investments
Oil prices have been weaker in Asia as general concerns that global supplies are not falling at the required pace. One key fear is that US inventories, which have steadily dropped from record highs in the last three or four months will start rising again as the summer driving season comes to an end in September.
Today sees the release of the Energy Information Administration data which could show the sixth straight weekly declines in US oil inventories. WTI is trading at $49.14 a barrel.
Gold has benefited from the safe-haven bid and is up 0.5 per cent at $1,268/45 per troy ounce.