Asia
Friday, 24 May 2013 10:59
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SINGAPORE: Crude futures are set to post their biggest weekly loss in five weeks, with Brent edging down toward $102 per barrel on Friday, as ample supply and a slow global economic recovery fuelled worries that demand for oil would be hit.Crude inventories in the United States are near record levels as the world's top oil consumer produced more from shale, while shrinking factory activity in China capped fuel demand growth at the world's No.2 user.Improved US jobs and home sales data also sparked worries that the Federal Reserve could soon scale back bond purchases and tighten liquidity in markets.Brent slipped 8 cents to $102.36 by 0431 GMT, stretching its losses into a fourth session. US crude inched down 29 cents to $93.96 a barrel.Both were on track for a more than 2 percent drop this week - their biggest weekly drop since mid-April."There is a lot of supply. Inventories ...
SINGAPORE: Oil extended its losses in Asian trade on Thursday on weak Chinese manufacturing data and a stronger dollar, analysts said.New York's main contract, West Texas Intermediate light sweet crude for delivery in July, dropped 63 cents to $93.65 a barrel in the afternoon and Brent North Sea crude for July delivery shed 60 cents to $102.00."Oil is on the downside with the Chinese PMI (purchasing managers' index) data... people were expecting that it would ...
SINGAPORE: Oil was down in Asia on Wednesday as traders waited for the release of the latest energy inventory report from the United States, analysts said.Weak demand and surging crude stockpiles in the world's biggest economy have put downward pressure on prices and limited gains.New York's main contract, West Texas Intermediate light sweet crude for delivery in July, dropped 48 cents to $95.70 a barrel in the afternoon and Brent North Sea crude for July ...
SINGAPORE: Oil was down in Asia on Wednesday as traders waited for the release of the latest energy inventory report from the United States, analysts said.Weak demand and surging crude stockpiles in the world's biggest economy have put downward pressure on prices and limited gains.New York's main contract, West Texas Intermediate light sweet crude for delivery in July, dropped 42 cents to $95.76 a barrel and Brent North Sea crude for July delivery shed 32 ...
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