Asia
Tuesday, 21 May 2013 11:27
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CHENNAI: Brent crude futures steadied near a two-week high on Tuesday, holding around $105 per barrel as rising Middle East tensions offset concerns about moderating demand growth to keep prices in a tight range.Reports that Lebanese Hezbollah guerrillas were involved in fierce fighting for Syria's embattled president prompted alarm the civil war might spread to neighbouring oil producers, while a weakening dollar added to support.Bearing down on prices are concerns that data this week may show sluggish growth in major consuming economies, adding to high inventory levels and expectations of increased supply."The conflict in Syria looks like it's getting serious and the dollar is heading lower, while continuing high inventories are putting downward pressure on prices," said Victor Shum, managing director of IHS Consulting in Singapore."(But) given the physical fundamentals, I expect prices to moderate from current levels, unless the situation in Syria flares up further," he said.Front-month Brent futures ...
SINGAPORE: Oil was up in Asian trade Tuesday ahead of a testimony in Congress by Federal Reserve chief Ben Bernanke on the US economy.New York's main contract, light sweet crude for delivery in June, added 16 cents to $96.87 a barrel in the afternoon and Brent North Sea crude for July delivery increased 25 cents to $105.05.Bernanke will appear Wednesday before Congress' Joint Economic Committee to give an update on the latest outlook for the ...
SINGAPORE: Oil prices were down in Asian trade Monday as investors locked in profits from last week's gains after US stocks blazed to new record levels.The US benchmark contract, West Texas Intermediate for June delivery, was down 19 cents at $95.83 a barrel and Brent North Sea crude for delivery in July dropped five cents to $104.59 in the afternoon.Prices had surged last week after a better-than-expected reading on US consumer confidence boosted hopes for ...
SINGAPORE: Oil prices eased in Asia on Friday as poor housing and employment data from the United States sparked concerns of weaker crude demand in the world's biggest economy, analysts said.New York's main contract, light sweet crude for delivery in June, dropped 14 cents to $95.02 a barrel and Brent North Sea crude for July delivery shed 15 cents to $103.63 in mid-morning trade."The market has taken fright at those worse-than-expected numbers," David Lennox, resource ...
SINGAPORE: Oil was down in Asian trade Thursday as caution returned to the market following weak US production data, analysts said.New York's main contract, light sweet crude for delivery in June, dropped 75 cents to $93.55 a barrel and Brent North Sea crude for June delivery shed 52 cents to $103.16."Disappointing industrial production figures raised concerns that the US economy is not doing as well as other data have been suggesting," Ric Spooner, chief market ...
SEOUL: South Korea said it will scrap a diesel and gasoline import incentive from July as local refiners plan to join the online Korea Exchange trade for the oil products to recapture market share lost to cheaper foreign suppliers.Diesel and gasoline imported for trade on the online Korea Exchange is exempt from a 3 percent tariff, making it competitive with local supplies. South Korea's energy ministry said in a statement on Wednesday that this tax ...
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