Oil prices rise but gains may be limited in Asia

Oil prices will continue to rise on Thursday, furthering overnight gains, as fuel demand grows and crude stocks decline, analysts said.

However, oil-related stocks only showed marginal gains on Thursday with Thailand’s largest energy conglomerate PTT rising by 0.36 per cent entering the mid-day break.

Its subsidiary Thai Oil (TOP) and PTT Exploration and Production (PTTEP) also gained 1.01 and 0.44 per cent. 

Indorama Ventures (IVL), another petroleum-affected firm, dropped by 0.57 per cent. 

However, investor risk appetite seems to have increased after worries eased that Chinese giant Evergrande Group might default on its lone and majorly affect the Chinese market.

Oil prices closed 2 per cent higher on Wednesday after the EIA reported the second straight month of decline in US stockpiles.

Gains in Asia may be capped, however, due to oversupply from Middle Eastern producers in regional markets.

Analysts at S&P Global Platts said that there were also signs of faltering Asian demands on crude oil – dampening any increased sentiment from US data.

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