News Release

Daily Oil Market Comment

Asian Day Market Movement
 
Oil prices were mixed during Asian trading with London futures marginally higher but Singapore prices lower. New York markets remain closed for the Thanksgiving holiday and London is seeing only quiet volume. Technically the market is now in slight uptrend with prices expected to firm today.
 
Singapore prices were lower with more selling interest than buying in both the swaps and physical markets. In the physical markets Hin Leong surprisingly turned seller and both gasoil and kerosene offered at good discounts. The region remains well supplied but many traders not doing much in this volatile market.
 
Prices As At 5:30pm Singapore Time, Friday November 26, 2004:
 
WTI                        Closed
Brent                      $44.82/bbl            +$0.16/bbl
IPE Gasoil              $446.50/t              Nil
Singapore  Kero      $56.60/bbl            -$0.88/bbl