SINGAPORE: Analysts said a refineries strike in the United States is weakening overshadowed rise in US crude stocks. US benchmark West Texas Intermediate added 21 cents to $51.74 a barrel and Brent gained four cents to $60.59 in afternoon trade.
It follows the oil prices climbing in Asian trade. The investment analyst said despite the rise in US inventories, traders focussed on signs that a refineries strike the the US could be settled, allowing more crude oil to be processed.
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He said, “Although they have not come to a conclusion (on ending the strike) it seems that workers are coming back to work, which shows weakness in the strike and suggests that the strike is coming to an end soon.” Workers and management are trying to end the strike at three major US refineries operated by Royal Dutch Shell following a stalemate on February 20.
