Oil prices mixed in Asian trade

Updated : Tuesday January 20 , 2009 10:42:13 AM
SINGAPORE: World oil prices were mixed in Asian trade Tuesday in a market plagued by weak global demand, analysts said.New York's main contract, light sweet crude for February delivery, plunged 2.12 dollars to 34.39 dollars a barrel.Brent North Sea crude for March delivery rose 30 cents to 44.80.A large stockpile of oil in the United States has caused the New York contract to "become disconnected" from the rest of the market, said Victor Shum of Purvin and Gertz international energy consultants in Singapore.Shum added that the higher March Brent price was more representative but said the weak global economy was having a negative impact."The global economy is now the main driver of oil... The macroeconomic outlook is bleak, with no signs of a turnaround in the global economy," he said.