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Oil mixed in Asian trade

Dunya News

New York's main contract rose 35 cents to $92.44 a barrel.

Oil was mixed in Asia Wednesday as traders weighed global economic woes and an uptick in US crude inventories against positive developments in Europe, analysts said.New Yorks main contract, light sweet crude for delivery in November, rose 35 cents to $92.44 while Brent North Sea crude for December delivery shed four cents to $113.96.Traders were filtering through the full impact of slow growth, increasing US stockpiles and the potential for positive eurozone progress, said Jason Hughes, head of premium client management for IG Markets Singapore.Data released by the American Petroleum Institute showed crude stockpiles in the US -- the worlds largest oil consumer -- rising 3.7 million barrels last week, higher than analyst projections of a two million barrel gain.But crude prices were kept from falling after ratings agency Moodys late Tuesday decided not to follow Standard and Poors lead by keeping Madrids rating at Baa3 instead of downgrading it to junk status.Moodys credited Spains commitment to reforms and ECB support for its debt in deciding to hold the rating at Baa3, while appending a negative outlook, a warning that a cut could still take place if things get worse.