Asia
Thursday, 01 December 2011 10:07
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SINGAPORE: Brent crude traded above $110 for the third session on Thursday after the world's major central banks moved to tame a liquidity crunch for European banks, but concerns about slower demand capped prices and offset any gains due to Iran.
"The pressure on Brent is the weak economy in Europe. We are not sure if we are going to see significant growth in oil demand. It could be remain flat for a few years," said Tony Regan, analyst at Tri-Zen Capital in Singapore.
Brent crude edged up 5 cents to $110.57 by 0320 GMT, after hitting an intra-day high of $110.75. US crude in were up 27 cents to $100.63 a barrel.
Despite the collective efforts of the world's central banks to stabilise global markets, some oil investors are still concerned that the euro zone debt crisis will take a long time to be resolved.
Euro zone leaders have so ...
SINGAPORE: Brent crude stayed above $110 as Iran's escalating tensions with the West and a pact by euro zone ministers to ramp up the firepower of their bailout fund helped prices to hold on to the previous session's gains.
But the positive outcome of Tuesday's meeting of euro zone ministers was negated by a failure to provide concrete details of how much the bailout fund would be boosted and Europe's likelihood of turning to the IMF ...
TOKYO: Japan's total oil product sales in October rose 0.3 percent from a year earlier, government data showed on Wednesday, the first increase since August as higher demand for fuel oil by utilities offset falling consumption of gasoline and naphtha.
Japan, the world's third-biggest oil consumer, imported 0.2 percent more crude oil last month than a year earlier at 16.76 million kilolitres (3.4 million barrels per day), marking the second straight such rise after September's 4.5 ...
NEW DELHI: Indian refiners processed 2.8 percent less oil in October from a year ago, the first decline since November 2010, because of refinery maintenance shutdowns during the month, government data showed on Friday.
Refiners processed about 3.12 million barrels per day (bpd) of crude oil last month versus 3.10 million bpd in September, when crude processing was up an annual 4.4 percent.
The annual rate of growth declined in October due to maintenance shutdown at refiners ...
SINGAPORE: Brent fell below $109 on Tuesday after posting its largest gains in a month in the previous session as investors took profits and watched keenly to see how Europe would tackle its debt crisis at a meeting later in the day.
The euro zone's debt crisis has become the biggest threat to the global economy and a break up of the currency zone can no longer be ruled out, the Organisation for Economic Cooperation and ...
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