TOKYO (Reuters) - Oil prices rose in Asian trading on Thursday, shrugging off a smaller-than-expected decline in U.S. stockpiles, as the market nervously awaited the result of Britain's "Brexit" vote.
Trading has been choppy in the run up to Thursday's vote on whether Britain leaves or stays in the European Union (EU), although markets appear to have largely priced in a "Remain" vote.
Brent's August front-month contract was up 40 cents at $50.28 a barrel at 0217 GMT. It closed down 74 cents, or 1.5 percent, at $49.88 a barrel on Wednesday.
Prices for U.S. oil were also higher, rising 43 cents to $49.56 a barrel.
Once the Brexit vote is out of the way the oil market is likely to switch its focus to fundamentals, turning its attention to more potential supply disruptions that have sent prices higher this year.
The worsening crisis in Venezuela, the country with the highest oil reserves, may be the next source of supply concern, said Tony Nunan, oil risk manager at Mitsubishi Corp in Tokyo.
"There is a cloud hanging over the market from the Brexit vote, which is keeping prices down a bit," he said. "If the vote comes off, we could go up," Nunan said, referring to a vote to remain in the EU.
U.S. crude inventories fell less than expected last week, while product inventories were up slightly, the U.S. Energy Information Administration said on Wednesday.
Crude inventories dropped 917,000 barrels in the week ended June 17, compared with expectations for a decrease of 1.7 million barrels. It was the fifth consecutive week of drawdowns for crude inventories.
The pound rose to a six-month high against the dollar early on Thursday. [FRX/]
The yen, often a safe-haven currency for risk averse investors, was down about 0.25 percent, while the Nikkei rose by slightly more than that.
By Aaron Sheldrick
(Reporting by Aaron Sheldrick; Editing by Joseph Radford and Ed Davies)
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Already, lubricant players have established their footholds here in Bangladesh, with international brands.
However, the situation is being tough as too many brands entered in this market. So, it is clear, the lubricants brands are struggling to sustain their market shares.
For this reason, we recommend an impression of “Lubricants shelf” to evaluate your brand visibility, which can a key indicator of the market shares of the existing brands.
Every retailer shop has different display shelves and the sellers place different product cans for the end-users. By nature, the sellers have the sole control of those shelves for the preferred product cans.The idea of “Lubricants shelf” may give the marketer an impression, how to penetrate in this competitive market.
The well-known lubricants brands automatically seized the product shelves because of the user demand. But for the struggling brands, this idea can be a key identifier of the business strategy to take over other brands.
The key objective of this impression of “Lubricants shelf” is to create an overview of your brand positioning in this competitive market.
A discussion on Lubricants Shelves; from the evaluation perspective, a discussion ground has been created to solely represent this trade, as well as its other stakeholders.Why “Lubricants shelf” is key to monitor engine oil market?
The lubricants shelves of the overall market have already placed more than 100 brands altogether and the number of brands is increasing day by day.
And the situation is being worsened while so many by name products are taking the different shelves of different clusters. This market has become more overstated in terms of brand names and local products.
You may argue with us; lubricants shelves have no more space to place your new brands. You might get surprised by hearing such a statement. For your information, it’s not a surprising one.
Regularly, lubricants retailers have to welcome the representatives of newly entered brands.
And, business Insiders has depicted this lubricants market as a silent trade with a lot of floating traders.
On an assumption, the annual domestic demand for lubricants oils is around 100 million litres, whereas base oil demand around 140 million litres.
However, the lack of market monitoring and the least reporting makes the lubricants trade unnoticeable to the public.
Headline crude prices for the week beginning 11 February 2019 – Brent: US$61/b; WTI: US$52/b
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