Asia
Tuesday, 28 May 2013 11:15
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CHENNAI: Brent crude held below $103 per barrel on Tuesday amid worries about the global economy and ample supply, while some traders said the onset of the summer driving season in top oil consumer the United States may support prices.A contraction in Chinese factory activity and a buildup in US gasoline inventories have been dragging on oil prices, with analysts saying Brent could drop further."Oil demand from China could be depressed as China's PMI contracted for the first time in seven months and we are unlikely to see any aggressive stimulus from policymakers in the short-term," said Chen Hoay Lee, an investment analyst at Phillip Futures in Singapore."We continue to be bearish, with Brent likely to find support at the 100 level."Brent was down 8 cents at $102.54 per barrel at 0457 GMT, while US crude slipped 59 cents to $93.56.Oil markets are also waiting for direction as traders in ...
TAIPEI: Taiwan stocks ended 0.21 percent lower on Tuesday as investors took profit from chip makers, with TSMC shedding 2.2 percent.The main TAIEX index slipped 17.05 points to 8,263.05, after opening up 0.1 percent.Electronics shares retreated 0.4 percent, while banks eased 0.2 percent. These two sectors are the most heavily weighted.The Taiwan dollar climbed by T$0.067 to stand at T$29.904 against the US dollar. Copyright Reuters, 2013 ...
SINGAPORE: Oil prices were down in Asia on Tuesday as weak Chinese manufacturing data raised concerns about energy demand in the world's second largest economy, analysts said.New York's main contract, light sweet crude for delivery in July, dropped 58 cents to $93.57 a barrel in the afternoon and Brent North Sea crude for July delivery shed 11 cents to $102.51."Weak China manufacturing data showing the first contraction in seven months is weighing on oil prices," ...
MUMBAI: Coal India, the world's largest coal producer, posted a 35 percent rise in its fourth-quarter profit, beating market expectations, helped by strong sales and lower-than-expected costs.The state-run miner said its January-March net profit rose to 54.14 billion rupees ($974 million) from 40.13 billion rupees a year earlier. Net sales rose 2.5 percent to 199.05 billion rupees.On an average, analysts had forecast a net profit of 49.97 billion rupees, according to Thomson Reuters Starmine data. ...
CHENNAI: Brent crude slipped towards $102 per barrel on Monday, extending last week's 2 percent drop, as a weak economic outlook in a well-supplied market pressured prices.The outlook for global oil demand growth weakened last week after disappointing data from key consumer China and reports showing ample US inventory, which dragged down Brent from this month's high near $106 per barrel."The markets are in a bit of a moderation mode at the moment, and we're ...
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