Hike in Oil prices in New year, Asian trading during the first conclave of the New Year, as dealers hailed a larger-than-anticipate fall in US crude stockpiles. West Texas Intermediate for February delivery, the US benchmark, increased by 80 cents to $54.07 in morning trade.
In the Asia-Pacific region, markets in China, Japan, New Zealand, the Philippines, Taiwan and Thailand were shut down on Friday for a public holiday. "The profit gains in Asian trading are probable because of the positive US crude stockpiles data released on Wednesday," Ang added.
Fell in US crude by 1.8 million barrels in the week to December 26, the US Energy Information Administration vocalize in its last petroleum report for 2014 released on Wednesday. The figure upended supposition for an raising of 900,000 barrels projected in a Bloomberg News survey. Reduce in US crude stocks typically indicates strong desire in the world's top oil consumer, pushing global prices up.
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