Cyprus bailout: Oil mixed in Asia as market follows Cyprus news
SINGAPORE (AFP) - Oil prices were mixed in volatile Asian trading on Tuesday, with investors closely following developments in the eurozone following the controversial Cyprus bailout deal, analysts said.
New York's main contract, light sweet crude for delivery in April, gained three cents to US$93.77 (S$117) a barrel in mid-morning Asian trade while Brent North Sea crude for May delivery dropped 18 cents to US$109.33.
Brent prices were weighed down by concerns over the Cyprus deal, said Mr Ker Chung Yang, senior investment analyst at Phillip Futures in Singapore.
"Oil markets are likely to remain volatile for the next few days (with) investors monitoring for any spillover of the developments in Cyprus to other euro zone nations," he said in a market commentary.